WTI Oil $73.5 weekly OB target short term
Retail traders have increased their long positions significantly from 101k contracts on the CME to 285k contracts. Institutional investors have increased their short positions.
The $73.5 weekly order block is likely the medium-term target. It can go lower to the $68 level, so do not long prematurely and wait until a clear demand structure forms on at least the 4 hour timeframe.
The $73.5 weekly order block is likely the medium-term target. It can go lower to the $68 level, so do not long prematurely and wait until a clear demand structure forms on at least the 4 hour timeframe.