EquityPandit’s Outlook for Crude Oil for the week  (Dec 04, 2017 – Dec 08, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 1.20%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 3720 to 3750. Support for the commodity lies in the zone of 3600 to 3650 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3500 to 3520 where break out levels are lying. During the week the commodity manages to hit a low of 3660 and close the week around the levels of 3762.

Minor support for the commodity lies in the zone of 3710 to 3730. Support for the commodity lies in the zone of 3600 to 3650 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3500 to 3520 where break out levels are lying.

Minor resistance for the commodity lies in the zone of 3800 to 3830. Resistance for the commodity lies in the zone of 3940 to 3980 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 4200 to 4250.

Broad range for the commodity in the coming week can be seen between 3600 – 3630 on downside & 3900 – 3930 on upside.