With the current price of oil being at 63.5, I would be very cautious getting long on it. Looking on the commitment of traders report which represents smart money vs dumb money, smart money has an incredible short position that I believe is at an all time high if I'm not mistaken.
With the COT chart looking like this, I am getting tempted to short it if it goes up higher, and putting serious consideration into it. You can make your own decision on your trading plan of course and don't just listen to some random person on the internet but smart money is for sure showing we are close to a short-medium term top. Perhaps we will touch 50 dollar oil again, but perhaps 70 dollar oil will be touched first. I believe 65-67 is a range of strong resistance though as it is the range of the top of the rebound oil had after crashing from 100 to 50. Be very careful if you are long oil.
