Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
Oil Prices Likely to Continue to Gain

Oil Prices Likely to Continue to Gain

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

US Oil Contract– Retail CFD traders are net-short the USOil contract, which tracks the NYMEX WTI Crude Oil contract, and a contrarian view of trader sentiment acts as signal that oil prices may continue higher. Indeed our data shows traders most recently turned net-short as USOil traded above $40 through mid-April.

It serves to note that positioning has moderated somewhat since last week—long positions are up 21 percent while short positions have fallen 18 percent. Yet 70 percent of total open positions in our sample remain short USOil. Until we see a much more sustained shift towards crowd buying, we see little reason to change our bullish trading bias.

See next currency section: S&P - S&P 500 Remains a Buy until this Changes

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link. Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES