OIL is about to continue its bearish trend and reverse even further, so say the 4-hour charts. First of all, we can see a unsymmetric Head & Shoulders pattern which is a strong reversal pattern - with neckline at 66$. Breakout of this level will signal the continuation of the downtrend.
Trading: Traders would wait for price to close below 66$, or wait for price to pullback to this level - and enter Short trade. First target is 62$ (size of the latest trading range).
Source of analysis:
http://support-and-resistance-trading.com/2009/09/13/support-at-oil/
