EquityPandit’s Outlook for Crude Oil for the week  (May 07, 2018 – May 11, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 4500 to 4550 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 4600 to 4650. During the week the commodity manages to hit a high of 4678 and close the week around the levels of 4668.

Minor support for the commodity lies in the zone of 4580 to 4620. Support for the commodity lies in the zone of 4350 to 4400 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4250 to 4300 from where the commodity broke out of January-2018 and March-2018 highs.

Resistance for the commodity lies in the zone of 4650 to 4700 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 4950 to 5000.

Broad range for the commodity in the coming week can be seen between 4400 – 4450 on downside & 4850 – 4900 on upside.