After last week's anticipated drop this week's data provide sufficient support to prepare for a long. Commercials interests rose from Nov 2016 to Feb 2017 from 276K to 556K Net Long Contracts. This results in about 280 Mil loss per 1 USD drop of crude (from end Feb). We should see now a consolidation in the 47 Region within the next days and a move back to 55-50 Region. On break of Support further downside to 42 might be possible. But this scenario should be unlikely.
Comment:
55-60 Region and not 55-50!
