Reading Macquarie's report 'Further deterioration in China’s corporate debt coverage' seems the commodities 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.
