Oil Returns to Range For Now......

After the recent volatility, oil has settled down enough for us to consider taking positions without being knocked around. Red lines are 23.8 and 38.2 fibs of the big down move, whose peak was 61.9. Ignoring fundamentals, bias is still negative from a pure technical standpoint, so we prefer breaks to the downside. Our move is to play the range, being more aggressive on the short side, ie hoping for a break of that bottom fib line. Currently short @ 46