There is more and more evidence that energies might rally in the end of this year and so many people could be caught on the wrong side of the trade. Not only retail community but also professionals are saying oil has to go down. We can see something similar in COT positioning as well. This reminds me of gold bugs, but in energy we have energy bears and their narratives. It’s fascinating!
I wrote a post about oil a month ago. I advise you to read it (see here) before you continue with this post to gain a perspective. Therefore I won’t go into everything again but rather expose the technical picture. Read More