From a technical perspective it makes sense to sell oil at these levels for a retracement towards the red line, witch is perfectly aligned with the Fib Retracement. This is a trade only for people that have buying power and can afford to risk. RSI also overbought witch calls for a correction.
After that retracement (if or when it comes), there is good buying momentum around the 50$ zone for a push towards new highs at 92$ or even above 100$. An increase at those levels before a correction happens it simply makes oil a VERY fragile market. Either way, GOOD LUCK out there.
@JamesFlem, as I said in the post, that is a possibility as well, and this is why I placed the trade with stop loss, however that scenario makes the oil market very Unhealthy or fragile