Hedge funds have increased their bearish bets
Trump administration signalled that they may tab into emergency crude supplies in order to address the rising oil price. Crude oil has moved lower since the president made this announcement. Looking at the CFTC data, hedge funds have increased their bearish bets and one theme stands taller- confidence is wavering amidst investors. Money managers are more interested to take the profit off the table given the circumstances. There is a strong possibility that the market may remain choppy for some time now.
RSI is showing positive momentum, this is a bullish sign. The price needs to break above the 200-day SMA to confirm the uptrend.
