Oil – US Crude IG Client Sentiment: Our data shows traders are now at their least net-long Oil – US Crude since Jan 06 when Oil

Oil – US Crude IG Client Sentiment: Our data shows traders are now at their least net-long Oil – US Crude since Jan 06 when Oil

Number of traders net-short has increased by 13.81% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

Oil – US Crude

BULLISH

31.65%

68.35%

-34.82%
Daily

-22.35%
Weekly

30.46%
Daily

13.81%
Weekly

-0.94%
Daily

-0.81%
Weekly

Oil – US Crude: Retail trader data shows 31.65% of traders are net-long with the ratio of traders short to long at 2.16 to 1. Our data shows traders are now at their least net-long Oil – US Crude since Jan 06 when Oil – US Crude traded near 5,008.80. The number of traders net-long is 34.82% lower than yesterday and 22.35% lower from last week, while the number of traders net-short is 30.46% higher than yesterday and 13.81% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias.

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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2021/03/04/CL-IG-Client-Sentiment-1823.html
By: Research

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