This is a trade where I’m staying patient, and the COT numbers are particularly interesting.
Speculators' behavior has driven prices bearish, and while the sentiment remains predominantly short, we could see a relief rally from those heavy shorts in the coming weeks, or potentially sooner.
It will be very telling to see what the COT report shows by Friday. If we observe a significant reduction in shorts, I believe we could see prices push higher next week.
I’ll be looking for an entry at a key support zone formed on the daily or weekly chart.
Speculators' behavior has driven prices bearish, and while the sentiment remains predominantly short, we could see a relief rally from those heavy shorts in the coming weeks, or potentially sooner.
It will be very telling to see what the COT report shows by Friday. If we observe a significant reduction in shorts, I believe we could see prices push higher next week.
I’ll be looking for an entry at a key support zone formed on the daily or weekly chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.