20$ on Brent futures up, possible bottom.

New Joiner here. I saw this Thursday and put in an order at 4.30, based on the previous low gapped down at and filled at 4.21. Now the talking heads warning 15$ BBL WTI and 20$. Any updates appreciated. Long – demand will come back, just depends how long.

USO turning up.

@rsotc and others who took this long today. It seemed to have gone below the 4.68 to make a low of $4.64 but seemed to have bounced there. Wondering if a hold overnight or too risky, especially given tomorrow is Friday and past few Fridays have been sell into weekend

I’ve used UCO (2x leveraged)

What vehicle do you use to trade this? /CL, the USO itself?

Using options currently, but that is expensive in terms of commissions. I am looking for an alternative to UWT after it sunk below $1! Anyone know of better vehicles to do this without futures?

Remember, the success or failure of this trade hinges largely, although not exclusively, on a continued rally in the stock market today as well as a breakout above that trendline in crude (5-minute chart above & 60-min chart in the post) plus that 24.05 minor resistance, which is the ‘higher-probability’ entry. However, crude could spike very fast if those levels are taken out, hence, my preference to try and get in front of this one (pre-breakout), even as it runs an increased risk of being stopped out.

As such, there are a few options for those interested in a long trade on crude:
1) Go long here at support on USO but /CL trading just below resistance with the expectation that downtrend line + 24.05 price R will be taken out soon.
2) Wait for a convincing breakout above both those R levels in /CL before going long (especially if the stock market is still rallying)
3) Split the difference with a half or fractional starter position here, adding if & when /CL breaks above the downtrend line & 24.05 R level.