During the previous days, oil plummeted after failing to stabilize above 61.8% Fibonacci retracement of the entire downside wave from 147.85 to the significant trough of 35.13.

Moreover, we have witnessed a double top formation with a broken neckline at 100.70 -secondary image- which opened the door towards 91.50 followed by 90.60 supported by EMA 50.

The secondary image also explains another probability of forming a head and shoulders with a neckline at 95.40 and may bring a retest of 100.70 before re-attacking the neckline again but carefully note that we can't rely on the head and shoulders pattern until it's completed.

In general, the bearishness is in favor over short term basis as far as 100.70 holds.