While having a really limited downward potential of about 3 USD, the current (last Tuesday) COT Data give hope for a relatively smooth rise till 60 USD. In fact Noncommercials Long positions of 343K are really in the range of long term average. On rise of commercials NetShort % from currently 18 to short term average (3 Months) of 22%, we should be in the range of 58-60 USD. Be aware that Crude is still a crowded trade, so we might see another short squeeze above 65...
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my longer term view...
Comment:
BTFD!!!
