Over the past 4 weeks as Crude has cratered to $55, Commerical traders added 117.6k Futures Contracts while Funds sold 112k - This activity scores 99% for Commercials on a 18month Relative basis, and a very bearish 4% for funds.
Historically, price dispersion given extreme bearish activity by Funds has led to further price weakness. However, given this historical price weakness and obvious forced margin capitulation, we are on the lookout for any signs of reversal to catch what should be a extremely size-able retrace of this drop.