Number of traders net-short has decreased by 29.55% from last week.
SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
BEARISH | 50.21% | 49.79% | 19.96% 24.80% | -9.53% -29.55% | 3.21% -9.83% |
Oil – US Crude: Retail trader data shows 50.21% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Dec 09 when Oil – US Crude traded near 4,590.60, price has moved 0.95% higher since then. The number of traders net-long is 19.96% higher than yesterday and 24.80% higher from last week, while the number of traders net-short is 9.53% lower than yesterday and 29.55% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall.
Our data shows traders are now net-long Oil – US Crude for the first time since Dec 09, 2020 when Oil – US Crude traded near 4,590.60. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bearish contrarian trading bias.
Read More: Oil – US Crude IG Client Sentiment: Our data shows traders are now net-long