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Hedge fund long positions are crowded, Brent oil runs high
2022-06-13
67480
Hedge fund long positions are crowded, Brent oil runs high
A brief analysis of the fundamentals:
Data from the Intercontinental Exchange (ICE) and the U.S. Commodity Futures Trading Commission (CFTC) showed that the net long position in Brent and WTI crude oil increased by 16,257 lots to 508,528 lots in the week ended June 1 to June 7. Contracts, net-long positions are the most in 14 weeks
UK crude oil 4-hour chart
Technical analysis: From the 4-hour chart, the oil price is consolidating at a high level, the short-term is slightly weak, the MACD volume energy column is shortened, the RSI indicator is weakening, and the probability of continuing to weaken within the day is high.
Long-short turning point: 115.00
Resistance: 118.00 122.00
Support: 111.00 107.00
Trading Strategy: Bullish above 115.00, target 118.00 122.00
Alternative strategy: Bearish below 115.00, target 111.00 107.00
The above analysis is a personal opinion and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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