The price for oil has dropped during the last session after a Pin Bar reversal was created. The Pin Bar was on the 4hr chart and inline with the recent strong down momentum and at a pullback to resistance.
Once price broke the low of the Pin Bar, price dropped into support around 91.60.
If support holds we could see price attack the upside where the near term resistance comes in around the area the Pin Bar rejected. If this support level breaks we would look for the down momentum to continue and bearish signals to get into the down trend.
OIL 4HR CHART – 3 OCT 2012
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