A couple of months ago (Oil Price Technicals -- A Picture of Shifting Supply & Demand) I wrote that the oil rally was giving every indication that it was topping out but not to get too bearish yet as a run to $80 was in the offing. We are almost at $80 (based on NYMEX Crude nearby contract) and that level should bring out a lot of sellers, the Chinese among them. China revalues the Yuan to the dollar when oil gets over $80 in order to defray higher energy costs. Considering the recent reversal of economic fortune in that country keeping oil from even getting above $80 seems a likely priority. Considering the falling momentum along with some strong fundamentals, I would consider setting up some shorts now and then scaling more in as the price gets above $75. As for the downside objectives, first stop is just under $60 and if support there doesn't hold (and I don't think it will) then $45. Remember this is no guarantee and it is your money at risk -- so it is your decision and yours alone.