We may get a near-term bounce at these levels, but picking up another speculative short position is worthwhile as we could see oil roll over again. A quick stop/loss to use is the .786 Fibonacci line (at 46.43, in green). If we get a close above, cover your short.
You can effectively short oil with puts or UWTI (3x Bear).
We strongly recommend you enter this trade if you have time and proper understanding of the risks involved.
The Enhancing Capital Team