FX:UKOIL Crude Oil (Brent)
Reading Macquarie's report 'Further deterioration in China’s corporate debt coverage' seems the complex should be in for another bloodbath. As such, UKOIL which has been sideways for a couple of weeks looks to have a sporting chance of retesting 46.50 or slightly lower in the immediate future. Any bounce towards the 49-49/50 range makes for a compelling short, but even just above 48 there seems room to go short and wait for lower prices over the next 1-3 trading sessions. Lower support at around 45.90/96 should hold, at least on first retest.