As WTI tries to find a base around these $50-60 range, irrespective of one’s bullish or bearish view on oil – we could be due for a technical bounce higher. A potential way of expressing this is 3-4m calls & call spreads with say $58.00 or $60.00 strike levels, with the trading plan of closing off these trades post a strong oil bounce of +4-8% Local oil related names such as CNOOC (883), China Petroleum (386), China Oilfield Services (2883) could also potentially be a way of looking to play a bounce.