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).