EquityPandit’s Outlook for Crude Oil for the week  (May 14, 2018 – May 18, 2018) :

CRUDE OIL:

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

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 4560 and close the week around the levels of 4793.

Minor support for the commodity lies in the zone of 4700 to 4720. Support for the commodity lies in the zone of 4580 to 4620 where break out levels and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4350 to 4400 where break out levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 4850 to 4900 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 4550 – 4600 on downside & 4950 – 5000 on upside.