Downtrend manifests, watch out for seasonal low in late August

NYMEX:CL1!   Light Crude Oil Futures
Downtrend has established after topping at 50.

The 200 day MA (yellow) provided some support for now, but on the upside the 7 day MA (red) acts as resistance in this downtrend channel .

I am looking for another test of the lows at 39. Further support comes in at 36 then 33.

Option idea to consider IMHO:
as we near upper trend line: --> sell call spreads and buy a put
as we near lower end, get out and sell p spreads (dont buy calls here)
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