Technical cheat sheet: the trader’s guide to WTI
We’re taking a look at the energy commodity’s price in our latest Technical cheat sheet video (‘Oil-US Crude’ on IG’s trading platform).
Amid a backdrop of numerous fundamental factors to consider, and with more insights expected in the weeks ahead, our analysis reveals a narrative of technical caution at the weekly level. However, daily time frames tell a different story, showing a trend towards conventional breakouts accompanied by a growing positive technical bias. Yet, this trend has not fully evolved into a bullish technical stance.
Both retail and CoT speculators are majority buy, but one of them is on the verge of shifting to majority short, and they’ve as of late been trading the moves back to an average more successfully.
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