EquityPandit’s Outlook for Crude Oil for the week  (Dec 17, 2018 – Dec 21, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 4.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 3815 and close the week around the levels of 3684.

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 3500 – 3550 on downside & 3900 – 3950 on upside.