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COT Index – Oil Futures Contracts 30th March 2009

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The futures’ positions of the commercial players remains largely unchanged since last week when we saw the oil price spike up to $55 dollars a barrel and despite today’s fall in the spot market my view remains unchanged and has been reinforced by the monthly WTI crude oil chart which shows a long legged doji followed by a hammer – two classic reversal signals which suggest that we are now at the bottom of a long waterfall of prices.