Quote from tommymoose:
I agree with you here that oil is looking very toppish. MACD divergence on ALL the large timeframes (daily, 240, 120, 60 min) Its also in a measured move price projection zone. Like any top though, things get very spikey. If you're setting your stop just above highs, you may need to re-enter the trade again if stopped out and the setup still looks good. If you make sure not to flake out of the trade if you get stopped for a small loss once or twice though I think you've got a good shot at riding this thing down $5 or more in a very short amount of time. It may make it to $112, so just keep looking for low risk entries IMO.
Of course its not the absolute top, the fundamentals of a growing world economy ensure that, but its definitely a good counter-trend opportunity.
I hope you caught that move