Jump to content

Market update: last week’s pause pushed crude oil retail traders to add upside bets


MongiIG

Recommended Posts

Crude oil prices paused rallying last week, while retail traders slightly increased upside bets and pondered the short-term outlook for WTI.

 

original-size.webpSource: Bloomberg

 

Daniel Dubrovsky | Currency Analyst, DailyFX, San Francisco | Publication date: Tuesday 26 September 2023 05:09

Crude oil sentiment outlook: bearish

Crude oil prices took a breather last week, leaving West Texas Intermediate (WTI) little changed by Friday. This meant a pause after weeks of consistent gains.

Recent data from IG Client Sentiment (IGCS) shows that there has been a cautious increase in upside exposure in crude oil. IGCS tends to function as a contrarian indicator, with that in mind, could oil aim lower in the near term?

According to IGCS, only 36% of retail traders are net-long crude oil. Since most of them are biased to the downside, this continues to suggest that prices may rally down the road.

That said, upside exposure has increased by 7.73% and 1.81% from the last trading day and one week ago, respectively. With that in mind, recent changes in positioning hint that prices might soon reverse lower ahead.

IG Client Sentiment chart

 

dd_260923_WTI.pngSource: DailyFX

WTI crude oil technical analysis

On the daily chart below, WTI has pushed higher over the past 48 hours (trading days). This is somewhat undermining the emergence of a Bearish Engulfing from last week.

This followed a rejection of the 61.8% Fibonacci extension level of 88.75, where support was reinforced. As such, this is leaving a neutral technical setting in the very short term.

Key resistance is the 92.43 – 93.72 range, made up of highs from November. Meanwhile, the 20-day moving sverage is creeping higher. The latter may hold as support, maintaining the upside technical bias.

Otherwise, a breakout below it subsequently places the focus on the 84.84 inflection zone.

WTI crude oil daily chart

 

dd2_260923_WTI.pngSource: TradingView

 

 

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • SPHYNX, a new cryptocurrency project, launched with a fair distribution model experienced a meteoric rise in value. The project opted for a fair launch, with no pre-sale or allocation for the team, ensuring an equal opportunity for all investors. This approach is commendable in the crypto space, where fair launches are becoming increasingly popular. SPHYNX's fair launch was coupled with an impressive performance. Within just one hour, the token's value surged by a remarkable 6,000%. Trading volume reached a staggering $80 million, showcasing significant investor interest. To further solidify their commitment, the SPHYNX team burned $7 million worth of liquidity pool tokens, demonstrating their long-term vision for the project. With a focus on fair distribution and a strong community focus, SPHYNX appears to be off to a promising start. With a recent listing on Bitget, the project’s future will be interesting to follow as it navigates the ever-evolving crypto landscape.
    • Binance Referral Code: used as “VO2P1RYP”. It is the most used Binance referral code in the world, valid for life, with the highest discount rate. When registering to the Binance exchange, enter “VO2P1RYP” in the “Referral ID” field. The commission discount you will receive is 116%. You will also receive a $600 USDT rakeback bonus. Adding a Referral Code to Binance After Signing Up: Is It Possible? Unfortunately, it is not possible to add a referral code to your Binance account after registration. These codes are valid for new users only and must be entered during the registration process. Remember: If you registered without using a referral code, do not perform your KYC (Identity Verification) verification and open a new account using a new E-Mail address or Mobile Phone number and your Binance Referral Code: VO2P1RYP referral code. If you forgot to enter the referral code during registration, you will need to open a new account. How to Use Referral Code by Opening a New Account? Attention! Do not perform advanced transactions such as Identity Verification (KYC) on the Binance account you opened without entering the Referral Code. Click the Binance official "Sign Up" link to open a new Binance account. Fill out the registration form. Make sure the referral code “VO2P1RYP” is written in the “Referral ID” field. Complete the account creation process. Download and install the Binance Global mobile app. Complete the Identity Verification (KYC) process. What are the Advantages of Using Binance VO2P1RYP Referral Code When Opening a New Account? Up to 121% transaction fee discount and refund valid for life. 20% commission refund on spot transactions. 10% commission refund on futures transactions. 5% commission discount on mining transactions. 21% commission discount on spot transactions. 30% commission discount on futures transactions. Up to $600 USDT bonus valid on Spot and Futures transactions. 25% commission discount on spot transactions with BNB. 10% commission discount on futures transactions with BNB. Remember: If you registered without using a referral code, do not perform your KYC (Identity Verification) verification and open a new account using a new E-Mail address or Mobile Phone number and your Binance Referral Code: VO2P1RYP referral code   Binance Futures Referral Code: Detailed User Guide Binance Futures is a popular platform that allows traders to speculate on the future direction of prices of cryptocurrencies. If you want to benefit from the advantages of trading in futures, it will be beneficial for you to register using a referral code and save on your transaction fees. What is Binance Futures Referral Code? Binance Futures referral code is a special code that new users can use after registering on the platform. Users using this code can get up to 10% trading fee discount valid on futures transactions for life. How to Use Binance Futures Referral Code? Click on the Binance official "Sign Up" link. When registering on the Binance exchange, make sure that the code “VO2P1RYP” is written in the "Referral ID" field. Finish your registration and KYC procedures. Open the Binance Futures section from your mobile app. In the futures reference entry section, enter "vo2p1ryp" and confirm. Fill out the registration form. Complete the account creation process. Advantages of the Code: Lifetime Trading Fee Discount: 10% discount valid on all transaction types such as spot, margin and futures transactions. Easy to Use: See usage instructions above to redeem the code. Secure: The code is officially supported by Binance. For All Users: All users can use this code. You can use this code if you have an existing Binance account or by opening a new account. Remember: This code is valid for all users only. You can use this code if you have an existing Binance account or by opening a new account.
    • Binance Referral Code: used as “VO2P1RYP”. It is the most used Binance referral code in the world, valid for life, with the highest discount rate. When registering to the Binance exchange, enter “VO2P1RYP” in the “Referral ID” field. The commission discount you will receive is 116%. You will also receive a $600 USDT rakeback bonus. Adding a Referral Code to Binance After Signing Up: Is It Possible? Unfortunately, it is not possible to add a referral code to your Binance account after registration. These codes are valid for new users only and must be entered during the registration process. If you forgot to enter the referral code during registration, you will need to open a new account. How to Use Referral Code by Opening a New Account? Attention! Do not perform advanced transactions such as Identity Verification (KYC) on the Binance account you opened without entering the Referral Code. Click the Binance official "Sign Up" link to open a new Binance account. Fill out the registration form. Make sure the referral code “VO2P1RYP” is written in the “Referral ID” field. Complete the account creation process. Download and install the Binance Global mobile app. Complete the Identity Verification (KYC) process. What are the Advantages of Using Binance VO2P1RYP Referral Code When Opening a New Account? Up to 121% transaction fee discount and refund valid for life. 20% commission refund on spot transactions. 10% commission refund on futures transactions. 5% commission discount on mining transactions. 21% commission discount on spot transactions. 30% commission discount on futures transactions. Up to $600 USDT bonus valid on Spot and Futures transactions. 25% commission discount on spot transactions with BNB. 10% commission discount on futures transactions with BNB. Binance Futures Referral Code: Detailed User Guide Binance Futures is a popular platform that allows traders to speculate on the future direction of prices of cryptocurrencies. If you want to benefit from the advantages of trading in futures, it will be beneficial for you to register using a referral code and save on your transaction fees. What is Binance Futures Referral Code? Binance Futures referral code is a special code that new users can use after registering on the platform. Users using this code can get up to 10% trading fee discount valid on futures transactions for life. How to Use Binance Futures Referral Code? Click on the Binance official "Sign Up" link. When registering on the Binance exchange, make sure that the code “VO2P1RYP” is written in the "Referral ID" field. Finish your registration and KYC procedures. Open the Binance Futures section from your mobile app. In the futures reference entry section, enter "vo2p1ryp" and confirm. Fill out the registration form. Complete the account creation process. Advantages of the Code: Lifetime Trading Fee Discount: 10% discount valid on all transaction types such as spot, margin and futures transactions. Easy to Use: See usage instructions above to redeem the code. Secure: The code is officially supported by Binance. For All Users: All users can use this code. You can use this code if you have an existing Binance account or by opening a new account.  
×
×
  • Create New...
us