Oil appears to be selling into some key parallel channels and also forming bullish divergences. With China reopening on the horizon and the SPR at record lows I believe we should be bullish on oil. This is a medium term opinion, yet this trade could offer up a nice midterm set up as we are getting higher highs and higher lows.
Trade active:
I took a long on the different support lines and doubled my position at the lows (demand zone) I was close to being stopped out, but happy to still be in this one. I have taken profit on a portion of my position.