crude oil seem to show some corrections ahead
oil seem to put short term bottom be in place at 37.75 in crude oil. Further rebound is expected in near term. However, strong resistance would likely be seen around 53-55 psychological level, which coincide with strong resistance on the bands ,we need to see the oil stay above 41.30-42.60 for further up moves
points to look : 46.70 48.90 51.70
crossing above 53-55 area will confirm that we saw the lowst price at 37.75
The latest Commodity Futures Trading Commission (CFTC) data showed speculators pushed up their overall bullish bets on WTI crude futures last week.
The non-commercial futures contracts of the crude oil futures, primarily traded by large speculators and hedge funds, witnessed a weekly change of -4,999 net contracts to total a net position of a net position of +215,563 contracts in the data reported for August 25th. The bullish positions increased by 962 contracts and the short positions fell by 4037 contracts.
The commercials, hedgers or traders engaged in buying and selling for business purposes, slightly increased their existing bearish positions to a net total position of -216,849 contracts through August 25th.
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