Oil achieves the target of a downward correction 26/9/2023

US crude oil futures prices declined during the previous trading session within the expected downward correction, touching the first downward correction target of 89.40, recording its lowest level of 89.08.

Technically, by looking at the 4-hour time frame chart, we find that the simple moving averages have returned to pressure the price from above, and we find that the price is stable momentarily below the broken support 89.40 represented by the 23.60% Fibonacci retracement.

Therefore, this encourages us to maintain our negative expectations and continue towards the rest of the corrective targets of the previous report, 88.65, a first target, and breaking it increases and accelerates the strength of the downward corrective trend, as we wait for 88.00, the next official station.

Only from above, a break up and the price consolidating above 90.40 will stop the bearish scenario and lead oil prices to retest 91.40 directly.

Note: Today we are awaiting highly sensitive economic data issued by the US economy, “Consumer Confidence,” and we may witness high volatility when the news is released.

Note: Risk level may be high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 88.65	R1: 90.40
S2: 88.00	R2: 91.45
S3: 86.95	R3: 92.10