In accordance with COT report and our previous analysis, Oil seems directed to our main entri Role Reversal Level at 55.00
We use price action to enter the first part of the position at 58.50. In case of a break down we will reopen at 55.00
Targets are the role reversal at 65 and the fib 61.8 of the last leg down.
Since anyway the trend is up, we will keep a...
We will enter LONG in accordance with COT REPORT, (net position is already all time high net long). We will watch OIL market as well and enter if the entry will coincie will oil reversal (ideally around 55)
Energy sector is in backwardation.
Yellow box, buy-zone
Cot net long position is not "so net long", but charts shows very good price action support plus SOYBEANS net long position seems signaling a reversal. So using positive hystorical correlation between SOYBEANS and SOYBEANS MEAL this point could be a good entry point with very good R/R.