EquityPandit’s Outlook for Crude Oil for the week  (Oct 22, 2018 – Oct 26, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 3.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 5150 to 5200 from where the commodity broke out of July-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels 5050 to 5100 where Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a low of 5033 and close the week around the levels of 5087.

Support for the commodity lies in the zone of 5050 to 5100 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4950 to 5000 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 5220 to 5250 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 5370 to 5400 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 4900 – 4950 on downside & 5350 – 5400 on upside.