EquityPandit’s Outlook for Crude Oil for the week  (Nov 13, 2017 – Nov 17, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 3630 to 3650. If the commodity manages to close above these levels then the commodity can move to the levels of 3700 to 3750 where trend-line resistance is lying. During the week the commodity manages to hit a high of 3765 and close the week around the levels of 3712.

Minor support for the commodity lies in the zone of 3630 to 3660. Support for the commodity lies in the zone of 3500 to 3520 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3440 to 3470 where highs for the month of September-2017 and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3700 to 3750 where trend-line resistance is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3940 to 3980 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3530 – 3560 on downside & 3900 – 3930 on upside.