Commodities: Oil fails again at 95.00, possible head & shoulders pattern forming?

FXstreet.com (Barcelona) - Crude Oil WTI finished the session down 1.13% at 93.49. The commodity traded as low as 93.06 before finding support and drifting slightly higher later in the New York session. Even with the US Dollar showing weakness across the board, the energy complex suffered some tough losses with both RBOB and Heating Oil also finishing sharply lower. The one bright spot was Natural Gas which finished up 1.68% at 4.168.

From a technical perspective, it appears there might be a head and shoulders pattern forming on the daily chart. Using points on close, the neckline comes in around 93.07 which will be critical support over the coming sessions. A break and close below this level puts the eventual pattern target at 88.56. Any close back above 93.07 would negate the bearish pattern. It should also be noted that last week, Oil put in a bearish engulfing pattern (weekly chart) which also triggered a sell unless 97.00 can be taken out on close.