Number of traders net-short has increased by 8.32% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
Oil – US Crude | BEARISH | 51.14% | 48.86% | 51.53% 18.56% | -20.55% 8.32% | 4.99% 13.33% |
Oil – US Crude: Retail trader data shows 51.14% of traders are net-long with the ratio of traders long to short at 1.05 to 1. In fact, traders have remained net-long since Feb 28 when Oil – US Crude traded near 95.74, price has moved 22.98% higher since then. The number of traders net-long is 51.53% higher than yesterday and 18.56% higher from last week, while the number of traders net-short is 20.55% lower than yesterday and 8.32% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall.
Our data shows traders are now net-long Oil – US Crude for the first time since Feb 28, 2022 07:00 GMT when Oil – US Crude traded near 95.74. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bearish contrarian trading bias.
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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2022/03/07/CL-IG-Client-Sentiment-1623.html
By: Research
