WTI June Oil CLM7 Short/NeutralHello Supporters and Viewers,
Here is new month Oil chart.
Currently there is an "in-neck" bar forming which suggests further downside.
Indicators are also suggesting more downside, as is the bulk of TV opinion.
Looking at the main players, this view may be borne out.
Call volumes are sitting 55-57 with a weekly change of +13k.
Put volumes are at 50-52 with a weekly change of 33k.
These will expire circa May 17.
Futures volume is rising +300k OI with MM at net 277k long basis April 11 and Commercials net 244k short.
Contrary to other TV opinion, I do not believe recent geopolitical events have had much impact on Oil.
Syria does not produce much, and China, Korea and Japan are all importers. Oil needs supply interruption (OPEC) to start moving around, so nothing much to see here.
If I was short, then I would look at sub 52 to 51.50 over the next 2 weeks and see if this pattern develops into a flag/triangle.
... just my 2c worth
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