USOIL - Correction Process, then UPTREND

17 Eyl

Oil prices edged lower on Tuesday, as fears of weaker demand in China weighed on market sentiment, while focus turned to the U.S. Federal Reserve’s policy meeting that concludes on Wednesday.

Providing a floor to prices were prospects of lower U.S. crude stockpiles and concerns over U.S. production in the aftermath of Hurricane Francine.

Generally, the direction is uptrend

Uptrend Side: the oil price currently trading in the correction process fell to touch 69.53 and from this level will revers to touch the resistance of 71.69 and above it will touch 72.82.

Downtrend Side: However, breaking below 69.53 will lead to a further decline, targeting the support at 67.33.

Tendency Keys: 69.53

17 Eyl

İşlem kapandı: hedefe ulaştı

The price has reached the target of 71.69. If it stabilizes above this level, it is likely to reach 72.84. However, if it remains below, the price will fluctuate between 71.69 and the support level of 69.53.

18 Eyl

İşlem aktif

The oil price continues to fluctuate between 71.69 and 69.53 today. It is expected to attempt to break through 71.69 after the ending of the correction, and a successful breakout above this level could lead to a rise toward 72.80.

19 Eyl

İşlem kapandı: hedefe ulaştı

If the price can break the resistance of 71.69, it will rise to 72.84. but trading below this level will consolidate between this level and the support of 69.53.