Thoughts on $OIL and the 28.10 retest

Watching $OIL pretty closely here. We've seen a couple of rejections around the 28.45 area over the last few days, which isn't entirely surprising given the recent volatility. What's interesting today is the push back up after touching 28.10 earlier. If we can't hold above 28.10 on a sustained basis, that's my line in the sand for this current bounce. Below that, I'd expect a re-evaluation and potential for a deeper move towards 27.50, maybe even lower. Above 28.45, though, and things start looking a bit more constructive for a move toward 29.