EquityPandit’s Outlook for Crude Oil for the week  (Dec 24, 2018 – Dec 28, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 12.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 3186 and close the week around the levels of 3243.

Support for the commodity lies in the zone of 3200 to 3250 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 2700 to 2750 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3450 to 3500 from where the commodity broke down from November-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 3700 to 3750 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3000 – 3050 on downside & 3500 – 3550 on upside.