EquityPandit’s Outlook for Crude Oil for the week  (July 30, 2018 – Aug 03, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 0.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 4800 to 4850 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4950 to 5000 from where the commodity has broken down after consolidation and Fibonacci levels are lying. During the week the commodity manages to hit a high of 4812 and close the week around the levels of 4710.

Support for the commodity lies in the zone of 4550 to 4600 where medium term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4300 to 4350 where the commodity has formed a bottom in the month of June-2018 and long term moving averages are lying.

Resistance for the commodity lies in the zone of 4800 to 4850 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4950 to 5000 from where the commodity has broken down after consolidation and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 4500 – 4550 on downside & 4900 – 4950 on upside.