FX:USOIL   Crude Oil (WTI)
663 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
Reply
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.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out