EquityPandit’s Outlook for Crude Oil for the week  (Oct 23, 2017 – Oct 27, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 1.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 3330 to 3360 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3400 to 3430 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 3406 and close the week around the levels of 3372.

Support for the commodity lies in the zone of 3330 to 3360 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the commodity lies in the zone of 3400 to 3430 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3530 to 3570 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3250 – 3280 on downside & 3500 – 3530 on upside.