WTI US Crude Oil Forecast: Oil Bulls Drive Rally to Fresh Annual High

WTI -- US Crude Oil reached a brand new yearly high after catalyzing off of a combination of a reduction in US Crude stocks and the acceptance of the larger US Fiscal Stimulus package. An increase in demand for its major commodity supplied bulls with renewed optimism, letting them push through the important amount at 5204.3, formed by the 76.4percent Fibonacci retracement level of the 2020 move.

WTI US Crude Oil Forecast: Oil Bulls Drive Rally to Fresh Annual High

Meanwhile, the short-term price action remains within the limits of a bullish channel, after bears failed to break below current aid, allowing buyers to run with the trend. A break above the upper Bollinger Band, combined with a Commodity Channel Index (CCI) studying of 227, suggests that even though the bullish tendency has prevailed, prices remain in oversold territory, potentially hindering further gains.

In the time of writing, retail trader data shows 38.10percent of traders are net-long using the ratio of traders brief to long at 1.62 to 1. The amount of traders net-long is 7.44percent lower compared to yesterday and 8.33% reduced from last week, while the amount of traders net-short is 6.00percent lower than yesterday and 28.60% higher from last week.

We typically take a contrarian view to audience sentiment, and the fact traders are net-short suggests petroleum - US Crude prices will continue to grow.

Traders are further net-short than yesterday and last week, and the combination of present sentiment and current changes gives us a stronger Petroleum - US Crude-bullish Forex Currency trading bias.

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