Oil Price Takes Out August Low
The price of oil takes out the August low ($77.59) after failing to defend the opening range for November.
Crude Oil Outlook
The price of oil trades to a fresh monthly low ($77.47) after struggling to close back above the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) region, with the move below $77.80 (23.6% Fibonacci retracement) opening up the $75.60 (38.2% Fibonacci extension) region.
Next area of interest comes in around $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement), but the price of oil may attempt to track the flattening slope in the 50-Day SMA ($86.39) if it holds above the $75.60 (38.2% Fibonacci extension) region.
Need a move above the $82.10 (50% Fibonacci retracement) to $82.70 (23.6% Fibonacci extension) area to bring the monthly high ($83.60) on the radar, with the next region of interest coming in around $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement).
Crude Oil Outlook
The price of oil trades to a fresh monthly low ($77.47) after struggling to close back above the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) region, with the move below $77.80 (23.6% Fibonacci retracement) opening up the $75.60 (38.2% Fibonacci extension) region.
Next area of interest comes in around $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement), but the price of oil may attempt to track the flattening slope in the 50-Day SMA ($86.39) if it holds above the $75.60 (38.2% Fibonacci extension) region.
Need a move above the $82.10 (50% Fibonacci retracement) to $82.70 (23.6% Fibonacci extension) area to bring the monthly high ($83.60) on the radar, with the next region of interest coming in around $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.