Yesterday (5/31) I noted that it was time to exit oil. I personally exited positions in United States Oil fun (USO), an ETF that tracks oil price performance. Ready to let go of oil USDWTI 1H Chart 6/1(click to enlarge)Looking at the 1H chart, we can see price attack the 50.00 handle twice and retreat. Furthermore, the latest retreat from 50.00 has brought price below a neckline at 48.65. Also note that price is below all three of the 200-, 100-, and 50-hour simple moving averages (SMAs). These are all signs that at least in the short-term USDWTI is pressured.In the very near-term however, we might see some support at 48 as the RSI gets into oversold territory. But looking ahead to the rest of the week and into the next, we can see a slide towards 47, with 46 as the next target. 47 would satisfy a breakout projection using the width of the broken price top. 46 is a support pivot area, which might also coincide with a rising speedline as support. USDWTI Daily Chart 6/1(click to enlarge)Now, if there is a near-term rally during the 6/1 session, first look for resistance at the broken speedline in the 46.65-46.80 area. I think price should hold under 49.30 or else the double top might be invalidated and a bullish outlook could reemerge. However, if price does hold under let's say 49, we should have more confidence for the decline towards 47 and 46. USO 4H Chart 6/1 (click to enlarge)After exiting from 12.00, it looks I escaped a possible bearish correction. We saw USDWTI complete a double top, and USO also has one. A break below 11.80 should clear the double top. 11.50 could be a near-term support pivot, and price could still push back towards 12.00. However, a hold below 12 can add more confidence to bears, and open up the 10.80-11 area, where price might meet the 200-period SMA, a previous resistance pivot and a rising trendline.