EquityPandit’s Outlook for Crude Oil for the week  (Apr 16, 2018 – Apr 20, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 9.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 4419 and close the week around the levels of 4401.

Support for the commodity lies in the zone of 4250 to 4300 from where the commodity broke out of January-2018 and March-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels 4050 to 4100 where short term moving averages and break out levels are lying.

Resistance for the commodity lies in the zone of 4500 to 4550 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4600 to 4650.

Broad range for the commodity in the coming week can be seen between 4200 – 4250 on downside & 4600 – 4650 on upside.