Let's see the COT in oil today.The last COT report was released on 01.31.2017.
Large speculator long contracts: 656.710 ( All time high)
Commercial net shorts at record high level also: 509.138
Comm.long: 677.450 contracts
Comm.shorts: 1.186.594 contracts (Record high level)
It's the 8th week when Blees is zero again.
Someone is wrong here. Both group will not be in the same direction...
The last time when we had the same numbers oil went down from 107$ to 44$ in 2014...
2014 June 24
Commercial net shorts were at record high level: 492.580
Comm.long: 500.890 contracts
Comm.shorts: 993.470
Large speculator long: 548.016 - Record high
Blees rating was zero for 6 weeks that time...
You might don't want to be short here but one thing is sure : no way in hell to be long oil right now against the commecial all time high short position.
We might have to bounce from here and tag the blue trendline before we start the decline. So get ready for a 56$ oil with a false breakout. Don't let the market shake you out.
The first important level we have to break before the decline really starts is the 50 EMA.
Notice how last June we were crawling on the 50 EMA before the breakdown....
Large speculator long contracts: 656.710 ( All time high)
Commercial net shorts at record high level also: 509.138
Comm.long: 677.450 contracts
Comm.shorts: 1.186.594 contracts (Record high level)
It's the 8th week when Blees is zero again.
Someone is wrong here. Both group will not be in the same direction...
The last time when we had the same numbers oil went down from 107$ to 44$ in 2014...
2014 June 24
Commercial net shorts were at record high level: 492.580
Comm.long: 500.890 contracts
Comm.shorts: 993.470
Large speculator long: 548.016 - Record high
Blees rating was zero for 6 weeks that time...
You might don't want to be short here but one thing is sure : no way in hell to be long oil right now against the commecial all time high short position.
We might have to bounce from here and tag the blue trendline before we start the decline. So get ready for a 56$ oil with a false breakout. Don't let the market shake you out.
The first important level we have to break before the decline really starts is the 50 EMA.
Notice how last June we were crawling on the 50 EMA before the breakdown....
Comment:
They are hitting oil hard in the last hour.
Comment:
I have a De Ja Vu finally. lol.
Hopefully we start to fall now.
Hopefully we start to fall now.
Comment:
Comment:
The manipulators of the oil market will need to pay in a bit more money if they want to see price at 53$.
Comment:
Comment:
The 50 EMA is dangerously close now.
If they can't pump up the price in time we will break down.
If they can't pump up the price in time we will break down.
Comment:
We printed a key reversal on the 4hrs chart on good volume.
Price turning down again from the 55$ level again...
Are we heading down finally?!
Price turning down again from the 55$ level again...
Are we heading down finally?!
Comment:
Maybe today?!
It's going to be the 3rd attack at the 50 EMA. I have a feeling that it's not going to hold this time...