The recent test of the 51 area signaled the biggest net short position by producers in a very long time.
The sold in anticipation of higher prices but now the market topped and needs to correct before we see a big push to the $60 that Saudi Arabia wish to reach soon.
I will be placing a limit at the 48 area and sell to $40 - $35 range, That is the area where we can start piling up on long term buys and re-enter with each daily retracement.
The demand for oil keeps rising we are in a 40 year bull market , we must not worry about excessive manipulation and noise from the talking heads on TV and focus on a long term perspective.
The true direction is a medium term bear move. I will also place a sell stop below the recent swing low just in case OPEC meeting sends us straight down.