FX:USOIL   Crude Oil (WTI)
666 2 14
=
Morning David,
Just 3 questions:
... and if the USD remains strong ?
... and why are you long if you expect a shakeout to $31?
... do you know the net commercial open interest positions?
But I like your analysis ... the $31 hurts. ouch! but remedy in the overall bullishness
Regards
Murray
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DavidBelleFX Oh_If_Only
@Oh_If_Only, Hi Murray.

Oil and USD have an inverse relationship as you probably know. I'm looking for short term sustained strength with mid - long term weakness in the USD. USD short term strength means that Oil should drive down to $30ish but shouldnt break the lows.

You can view the open interest here: https://i.gyazo.com/0f0a7e75ac590eba1dec1a9e29da48c3.png

Open interest has recently dipped as has volume while price has risen. That's a bearish signal but long term that big period of accumulation would lead me to think we are going higher. This combined with my USD bearishness gives a good case for longer term oil strength. Cheers, David.
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