EquityPandit’s Outlook for Crude Oil for the week  (Nov 27, 2017 – Dec 01, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.80%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 3600 to 3630. 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. During the week the commodity manages to hit a low of 3636 and close the week around the levels of 3807.

Minor support for the commodity lies in the zone of 3720 to 3750. Support for the commodity lies in the zone of 3600 to 3650 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3500 to 3520 where break out levels are lying.

Resistance for the commodity lies in the zone of 3940 to 3980 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4200 to 4250.

Broad range for the commodity in the coming week can be seen between 3700 – 3730 on downside & 3900 – 3930 on upside.