USOIL has been very volatile in the past 2 weeks due to news surrounding further cuts in oil production by OPEC nations. However there has been a large sudden increase in retail long positions and this likely means we see further downside before any resumption of upside. There is a lot of liquidity to be grabbed around the HKEX:69 - HKEX:70 level (H12 OB). There is also a small probability that new lows could be made given the big imbalance in liquidity.
Yes if you look at the CME COT report, a lot of dumb retail traders are long near the top. The market makers will take them out by dropping price further IMO