Oil opening at support at the start of this week. Bounce will happen rejecting this support zone of $43 this week, or we will correct down to the mid 30's over the next few months and bounce then.
Bottom is in IMO as per my last idea. This is just establishing support range as we find equilibrium over the next several years.
Trade closed: target reached
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-50% closed today, will be scaling out the rest infront of my preliminary target which could be hit this week if this thing keeps fomo'ing. Didn't get all my bids filled on the way down, only about 50% of my total size. Of that 50%, it was split up 25\75 at the two indicated levels. See the below chart for my entries and exits. I had another set of bids above the previous bottom in UTWI depending on how low spot got, but it never hit.
Trade closed: target reached
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Closing the rest of the position here. UKoil hit structure resistance with a premium slowly rising over USoil, along with UWTI also at structure resistance as well. No point in holding further, solid areas to sell, the risk of a pullback outweighs the gains from any further push forward on the timeframe this trade was structured. Unfortunate UWTI didn't gain as much as the spot oil prices did, but such is life.