The zigzagging nature of the OIL's price action suggests that the bears are finding it difficult to keep OIL down. Though we haven't enough evidence that OIL is a buy yet, I suspect that OIL will be bought up at some point soon.
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Ok so the bounce did not play out like I thought. And of course there was no positive divergence and only price action and oscillators, though it went up enough to move stops, I just took the 1% loss. That is ok. My many other trades including BTC and Nasdaq make up for this loss. Now that the commodities have moved in to bearish territory, I believe that we will move into a deflationary period wholeheartedly. This is not good for anybody except competent traders. They are the ONLY ones that can even thrive in a bear market.