WTI Cash (or Spot) Contract

Crude trader - closer to a mean reversion rally

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Having reached the double top target, we see that Crude is now 15% below from its 50 day MA - in the past 2 years we've been as stretched as 17% below this average before we saw solid mean reversion kick in - we are in oversold territory and that offers an elevated risk of short covering

By way of flow, we now see 67% of open positions in crude are now held long by clients, so they see upside - the selling pressure seems to be supported and the buyers are having more of a say.

Is price putting in a ST low? It seems to be the case - while we're yet to see momentum truly shift, it feels like the prospect of a squeeze higher has risen

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