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Crude Oil – Testing Resistance
Snippet from February 21, 2017 Chartworks
The stocks in the sector have dropped by 10% to 20%, but oil has spent the last twelve weeks in a tight trading range. During this period the COT data has moved beyond the extremes seen when the price was over $100 in 2013. This is reminiscent of the gold market from March through May of last year as it saw all-time highs in the speculative long positions and commercial shorts. At the time, gold managed to hold $1200, like oil holding $51. Gold then made a run to $1360 with an additional 20% surge in COT positions. From there, prices rolled over and declined to $1125 in December.
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Snippet from February 21, 2017 Chartworks
The stocks in the sector have dropped by 10% to 20%, but oil has spent the last twelve weeks in a tight trading range. During this period the COT data has moved beyond the extremes seen when the price was over $100 in 2013. This is reminiscent of the gold market from March through May of last year as it saw all-time highs in the speculative long positions and commercial shorts. At the time, gold managed to hold $1200, like oil holding $51. Gold then made a run to $1360 with an additional 20% surge in COT positions. From there, prices rolled over and declined to $1125 in December.
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