Crude oil is looking increasingly comfortable around the $US80 area, but small speculators have been increasing their bullish bets lately—usually a sign that another dip is around the corner. Overall, crude oil and its related stocks are back on our radar, but another dip under $US80 is our preferred scenario to knock out the “weak longs.”
- We like crude oil into dips but one more washout on the downside wouldn’t surprise.
MM believes crude oil is “looking for a low”
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Crude Oil v small speculators position – Source Tom McClellan Publications
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Crude Oil v small speculators position – Source Tom McClellan Publications
