Previously in this blog we discussed a 4hr Pin Bar on the Oil chart that had looked to turn the market back lower. To read that post see here: Oil Pin Bar
At the time of writing the above post, price was sitting on support of the range. Once price broke this range low we had a major collapse lower which provided price action traders with a great chance to lock in some profit at a great risk reward.
Price has now found support and climbed back higher. If this up-move continues we could see the highs that the Pin bar rejected tested again.
OIL 4HR CHART – 5 OCTOBER 2012
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