USOIL - large downside likely due to increase in retail longs

USOIL has been very volatile in the past 2 weeks due to news surrounding further cuts in oil production by OPEC nations. However there has been a large sudden increase in retail long positions and this likely means we see further downside before any resumption of upside. There is a lot of liquidity to be grabbed around the 69 - 70 level (H12 OB). There is also a small probability that new lows could be made given the big imbalance in liquidity.