For those target $0.50 or $0.75 or whatever to go longJust because its at $0.50 and not $5 does NOT mean it is good value nor its less likely to lose money going in at $0.50. History have shown how many times it has to consolidate to prevent it from going to zero.
Personally I will keep an eye on the contango situation and when it starts tracking the NAV properly first before going back in even if I am bullish in oil medium term. Until we see more material cutback in production (another 10mm globally) or a meaninful uptick in demand, all the known facts are still lined up against being long the front/second contract.
Dont make it personal that just because you lost money on HOU, you feel the need to earn it back on the same ticker. There are other investment opportunities out there.