Price action on Friday turned to a more negative bias as prices closed below the lows of the last two weeks on a sudden burst of selling (13.6% of the day’s volume in the May contract) in ten minutes. While still considered a consolidation phase (prices remain within the expiration range of the April contract) expect additional weakness as trade opens this week. Little change in positions was reported in the latest CFTC release (positions as of April 18th) as the speculative Managed Money sector remains long but is offset by the short position of the “Other Reportables” sector, which also contains a speculative component.
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