But there is no long accumlation by commercials. So, we have to expect low retest and then uptrend?
pantheo
⋅
@innaf87, Commercials (banks & producers), historically, are never long the metals. From 5-7K to 15-25K is usually where they turn and start offloading their shorts to specs, that is closing their long positions and open more shorts as the price is climbing higher. The amounts I'm referring to are net contracts (longs-shorts). But yes, price can retest the range of the previous week that price bottomed, as sentiment already went in the medium range and it's not at extreme pessimistic area now, which along with positioning is necessary to have bigger possibilities that a long lasting bottom found. Cheers, P.