No you are right, it's a time to be freaked out and sitting on...

No you are right, it's a time to be freaked out and sitting on the sidelines. Not due to technicals but because things are priced based on low interest rates, no other option and lots of leverage.
& to the others yes it definitely does cause me to go long ego and that's a thing to watch. I have always been a cocky bugger or I wouldn't have tried this game.
I see STO, AWE as the last play on oil price and don't use any technicals at all. If it's a good buy at $4.5 then it's a better buy at $3 all else being equal - I don't know where the shareprice is going and hold things for many years.
I still think oil costs over $80 per barrel U.S to make and we aren't producing enough - that gives me confidence to be fully invested in STO (40% of my portfolio) and not holding any cash.
Such an approach is certainly not for everyone, they had better DYOR and play in a way that works for them.