A lot of people have called bottom for oil but I am inclined to think that it still has room to fall. I think this last mini rally was a combination of people calling bottom and the third short squeeze (albeit a small one) since this time last year. Once the short covering is done the bears will take over again.
Hop in short and wait for stops to start triggering when all of these short sellers are done covering and the bottom callers were wrong to continue the downtrend, throw in Saudi Arabia and how they claimed that they are willing to drop and hold at $20/barrel as long as it takes to ensure all of the companies with high production costs are forces to end operations, and oil has a lot more room on the downside before it begins a recovery.
Hop in short and wait for stops to start triggering when all of these short sellers are done covering and the bottom callers were wrong to continue the downtrend, throw in Saudi Arabia and how they claimed that they are willing to drop and hold at $20/barrel as long as it takes to ensure all of the companies with high production costs are forces to end operations, and oil has a lot more room on the downside before it begins a recovery.