Oil has started a weekly downtrend, which we accurately predicted, monitoring the positioning, sentiment and the spreads in oil against other instruments (energy sector, Canadian dollar, etc). I think we can hold our position for some time, we're short from 53.25.
Since we already hit the first 'clone' of the weekly mode range, we could stall here. I'm monitoring it, since we have a few fundamental key levels below price. If these levels don't hold as support, the market will test the next levels below, over and over until it is bid, after finding a floor at levels where OPEC might feel compelled to intervene again.
I'm watching both the technicals, and the CoT report data, to determine where to exit the shorts.
Good luck if already in, if not, better stand aside and wait to either go long at support, or simply do nothing until oil bottoms again.
Cheers,
Ivan Labrie.