It seems oil may have indeed started to form a triangle since Sept. 26, and the lower trendline of the pattern provides a support about $101.80 per barrel, which explains why the contract was slow to fall below this level during the prvious trading session.

This bearish pattern points to $96.05 over the next few trading sessions, but before oil speeds up its fall towards this level, it may pull back to $101.80.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.