Oil – US Crude IG Client Sentiment: Our data shows traders are now net-short Oil – US Crude for the first time since Sep 03, 2021 00:00 GMT when Oil

Oil – US Crude IG Client Sentiment: Our data shows traders are now net-short Oil – US Crude for the first time since Sep 03, 2021 00:00 GMT when Oil

Number of traders net-short has increased by 1.79% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

Oil – US Crude

BULLISH

49.68%

50.32%

-4.61%
Daily

-10.55%
Weekly

13.10%
Daily

1.79%
Weekly

3.55%
Daily

-4.74%
Weekly

Oil – US Crude: Retail trader data shows 49.68% of traders are net-long with the ratio of traders short to long at 1.01 to 1. In fact, traders have remained net-short since Sep 03 when Oil – US Crude traded near 6,969.90, price has moved 0.15% lower since then. The number of traders net-long is 4.61% lower than yesterday and 10.55% lower from last week, while the number of traders net-short is 13.10% higher than yesterday and 1.79% 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.

Our data shows traders are now net-short Oil – US Crude for the first time since Sep 03, 2021 00:00 GMT when Oil – US Crude traded near 6,969.90. 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/2021/09/10/CL-IG-Client-Sentiment-1425.html
By: Research

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