EquityPandit’s Outlook for Crude Oil for the week  (Dec 10, 2018 – Dec 14, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 7.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 3867 and close the week around the levels of 3849.

Minor support for the commodity lies in the zone of 3650 to 3700. 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.

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 4150 to 4200 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 3600 – 3650 on downside & 4100 – 4150 on upside.