EquityPandit’s Outlook for Crude Oil for the week  (Apr 09, 2018 – Apr 13, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 4.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 4170 to 4200 from where the commodity broke out of February-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels 4030 to 4080 from where the commodity broke out and short term moving averages are lying. During the week the commodity manages to hit a low of 4015 and close the week around the levels of 4029.

Support for the commodity lies in the zone of 3950 to 4000 where medium term moving averages and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3850 to 3900 where the commodity has formed a bottom in the month of March-2018.

Resistance for the commodity lies in the zone of 4100 to 4150 where the commodity has opened gap down. If the commodity manages to close above these levels then the commodity can move to the levels of 4200 to 4250 where the commodity has formed a high in the month of March-2018.

Broad range for the commodity in the coming week can be seen between 3850 – 3900 on downside & 4200 – 4250 on upside.