Last week's swing trade to $90 worked out well, yet momentum ha since shifted lower.
I noted in the recent COT report that managed funds and large speculators have been trimming long exposure in recent weeks, and that managed funds increased short exposure last week despite the slew of negative headlines surrounding the Middle East conflict. This also coincided with the two small bullish weekly candles, which appeared to be corrective on the weekly chart - and therfore suggests lower prices.
A lower high has formed below $90 and momentum turned lower. As support has been found around the Jan/April highs, we suspect a bounce is due. And this could allow bears to fade into favourable prices below $87 - $87.50 on the assumption a breakdown is pending ahead of its move to $80.
Should this be part of a larger decline, note that $75 and $70 are near the 100% and 138.2% Fibonacci projection levels on the daily chart.