Repeated attempts in the past 4 days to break the $90 levels on the November contract have been met with strong buyer interest supported by COT data. The market is undergoing horizontal development in the $91 zone and the probability that buyers have created a new price floor has increased dramatically.
Net long contracts have increased in the Commitment of Traders report to support the bullish thesis. An opportunity exists to structure a trade with attractive risk/reward features and defined downside risk.
Net long contracts have increased in the Commitment of Traders report to support the bullish thesis. An opportunity exists to structure a trade with attractive risk/reward features and defined downside risk.