OIL Sept 26 -2012

Crude Oil (Nov 12) intraday: under pressure.

Pivot: 91.80 Our Preference: SHORT positions below 91.8 with targets @ 90 & 88.75. Alternative scenario: The upside penetration of 91.8 will call for a rebound towards 93.05 & 93.8. Comment: the RSI broke below a bullish trend line.

Prices broke below support at 91.56, the 38.2% Fibonacci retracement, exposing the next downside objective at 88.83 (the 50% Fib). The 91.56 level has been recast as near-term resistance, with a push back above that targeting the underside of a rising channel set from early July, now at 95.34.
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