20.05 - WTI faces a potential correction
- by George Solotarov
Traders scaled back their open interest positions for the fourth consecutive session on Tuesday, this time by around 36.5K contracts. In the same line, volume resumed the downtrend and went down by almost 363.5K contracts.
The recent sharp recovery in prices of the barrel of WTI appears to have met strong resistance in the $32.00 mark for the time being. Tuesday’s drop in open interest and volume hints at the likeliness that a probable correction could be in the offing, with the potential target in the $24.00 mark per barrel.