Weekly crude thoughts: impressing COT Data
As expected on my last update the positioning of commercials dropped another 1-2 %. In addition the amount of open interests increased further. We never had such a decrease of about 10% in 3 weeks before in addition to such an increase of open interests. This is extremely BULLISH. From the data my next target is in the range of 55-56, BUT one wrong word about production cut by OPEC/Russia before OPEC meeting will catapult prices in the 60-65 region.
Comment:
Wrong Word 1: It seems Iran agreed to production freeze/cut...
Comment:
15% in 6 trading days... way to much!
