The yearly matched this spot, as well as the lowest level since the bottom in oil , which is a really strong support, so thesis had to be discarded. Factoring in global demand vs the production cut, the dynamics of confirm this idea, and we have strong arguments for holding longs.
Additionally, range movement, Tim West's proprietary trend analysis and sentiment analysis tool, shows that we had 2-2.3 point drops in RgMov on each correction in the uptrend, and that's what happened here, so, the sentiment declined enough to form a bottom.
If we hit this level by December 5th, this will confirm the short term momentum. Don't get in the way of it, if it does that.
Those I can easily hedge with options and profit from declines, while adding on dips etc.
The zone to watch is the top of the cut announcement day, and the mid point of the production cut day.