OIL (WTI) SHORT

The price action formed an inverted cup and handle pattern, were price is currently in a parallel channel that acts as the handle. A breakout under the lower support will lead to the $71.90 area support, then another breakout of that support will lead to the $70.89 or so area.

The price is also in a current death cross, the 8 daily EMA under the 21 daily EMA.

A breakout over the orange ray would invalidate this idea.