Oil Finally Stabilizing? 7/22/2020

This is the oil futures at the 4 hour view. Oil futures and UCO seem to be more consistent in the last month. I think I see stabilization - finally.

Oil was one of my original trades along with volatility. Then Saudi Arabia and Russia decided to try to crush the US oil industry. The point of that is to have the US be reliant on Saudi Arabia or Russia as the oil supplier.

Then the oil ETFs starting acting shady. Really shady. There was virtually no consistency which made trading oil dangerous for a few months.

I'll try out a small long position after a pullback or backtest. Oil cleared a big resistance and that's the March gap. I could buy a long position if it backtests.