EquityPandit’s Outlook for Crude Oil for the week  (Dec 18, 2017 – Dec 22, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 0.60%.

As we have mentioned last week, that 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 3601 and close the week around the levels of 3669.

Support for the commodity lies in the zone of 3580 to 3610 where Fibonacci levels and short term moving averages 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 3730 to 3760. Resistance for the commodity lies in the zone of 3800 to 3830 where the commodity has formed a top in the month of November-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 3940 to 3980 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3500 – 3550 on downside & 3850 – 3900 on upside.