EquityPandit’s Outlook for Crude Oil for the week  (Oct 29, 2018 – Nov 02, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 2.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 4847 and close the week around the levels of 4953.

Support for the commodity lies in the zone of 4800 to 4850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4650 to 4700 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 4950 to 5000. Resistance for the commodity lies in the zone of 5100 to 5150 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 5200 to 5250 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 4700 – 4750 on downside & 5200 – 5250 on upside.