Crude Oil Futures: Further gains look capped

Pablo Piovano FXStreet

According to flash figures from CME Group for Crude Oil futures markets, traders trimmed their open interest positions for yet another session on Thursday, this time by around 15.5K contracts. Volume, instead, rose by around 14.7K contracts, reversing the previous drop.

WTI seen struggling around $56.40

Prices of the WTI charted a ‘doji-like’ day on Thursday, fading the uptick to fresh tops above the $54.00 mark per barrel. The continuation of the downtrend in open interest amidst the current recovery notes that the upside momentum could run out of steam in the near-term. That said, rallies should find solid resistance in the $56.40 region, where sits the 200-day SMA.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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