$17 is where i want to build on long for investment purpose

Their are just way too many analysis of oil going lower due to uncertain future demand . A dip below $20 for sustainable period would mean bankruptcy for majority US SHALES, and that might actually be interpreted as a bullish case for OIL. Furthermore as more monetary easing takes place a point would come when dollar index also takes a hit.

This DXY rally can get extreme and we may also see $10 oil but that would just create more chaos for oil exporting countries, and their base currency need to significantly devalue against US dollar to make sense of this price. I see a tap to $15 at best and rally back to broken support of $40 at least

Comment:

Long has been triggered @17.60, would add more on drops, target is at-least $25

Comment:

Keep this in mind that, demand has continued to fall sharply because of the Covid-19 pandemic. Oil consumption in the United States alone—the world’s largest consumer of oil—has dived by a third, Reuters’ John Kemp wrote in his weekly column. Even though there is talk about reopening the economy, this will most likely happen gradually, as in Europe, and it will be at least a few months until demand begins to recover in any meaningful way.

Meanwhile, oil inventories are on the rise. The federal U.S. government was this week reported to be negotiating leasing space in the Strategic Petroleum Reserve to nine oil companies that have nowhere else to store their unsold and temporarily unsellable crude.

So any cut by OPEC is still not going to work effectively, however my bias on long is due to my understanding that united states won't keep economy closed longer