EquityPandit’s Outlook for Crude Oil for the week  (Dec 03, 2018 – Dec 07, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 3500 to 3550 where Fibonacci levels and trend-line support are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3350 to 3400 where long term Fibonacci levels are lying. During the week the commodity manages to hit a low of 3464 and close the week around the levels of 3587.

Support for the commodity lies in the zone of 3500 to 3550 where Fibonacci levels and trend-line support are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3350 to 3400 where long term Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 3650 to 3700. Resistance for the commodity lies in the zone of 3800 to 3850 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3900 to 3950.

Broad range for the commodity in the coming week can be seen between 3400 – 3450 on downside & 3800 – 3850 on upside.