At the moment, the price is trading near the $88-87 swing low. It also coincides with the 76.4% Fib retracement level of the last wave from the $84.60 low to $97.87 high. So, there is a chance of a minor rise towards $89.50 where it may find resistance near a bearish trend line. Overall, it looks like the recent short-term break may ignite more losses towards $85-84.

Hourly MACD – The MACD is just moving nicely in the bearish zone.

Hourly RSI – The RSI is currently moving lower, and well below the 50 level.

Major Support Level – $84

Major Resistance Level – $90