On May 10th 2018 with oil above $71/brl we saw most banks tripping over themselves to put out higher projections. The highest I saw was from BAC with $100. This was a clear clue for me that we peaked shortterm. Today, June 6th we have sold off to $64 and we see a near term sell exahustion count which suggest that those who sold above $70 (like myself) are done selling. This opens up an opportunity for buyers to step in. Watch for this weeks COT report to confirm.
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