Crude Oil Observations with Volume, COT and US Dollar.

Today, we shall begin by looking at the Commitments of Traders Report. According to the COT report as indicated in the chart below, the Managed Money section were bet sellers of 15,892 contracts of WTI crude oil. This include NYMEX, ICE and Options. These had a selling of 13,210 contracts and a vast liquidation of about 2,682 contracts in the last of the month of March.

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From a daily perspective, the US dollar index is once again framing down. While trying to test the macro balance area, an extreme macro balance support can be seen down here.

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All eyes on crude oil now!! Starting off from the plain monthly time frame, it can be seen that February’s high got taken out. Nevertheless, by the show of things, there was some purchasing going into this upside direction due to the candle’s reaction in March.

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The monthly volume profile indicates that, there was some rotational behavior between the two major distributions so as to fill the the volume that the market decides its move.

 

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The weekly time-frame shows that there was a clean break lower. As such, testing the marked balance area is absolutely possible.

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Observations from the weekly volume profile chart indicates a poor low and a poor high as the chieftain areas to revisit. Similarly, its possible to clear the NPOC level. According to the information on the previous week’s close, lower prices to clear the NPOC could be seen following support at the same level.

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Friday left most traders unsecured after recording a one time frame lower. Depending on whether the market will open tomorrow to mark a better scenario, a clear inside of the value would be tackled as a bearish with resistance at VVPOC. However, a break beyond these stipulated levels is supposed to bring the market back to its higher prices.

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To sum up, this information can be a bit conflicting and should be observed keenly.

 

 

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