We noted in yesterday’s weekly COT report that bullish bets may have reached a cycle low on WTI futures. And that’s interesting to note given oil prices are rallying into the November highs brimming with confidence. Traders appear to be looking past Omicron as they bid oil prices higher, so even if we do see a shakeout around last year’s high we suspect the pullback would simply be a formality and not likely to be deep. In today’s video we look at the WTI front-month continuation daily chart, then highlight key intraday levels using profile charts.
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