EquityPandit’s Outlook for Crude Oil for the week  (Dec 31, 2018 – Jan 04, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 1.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 2993 and close the week around the levels of 3178.

Support for the commodity lies in the zone of 2900 to 2950 where the commodity has taken support in the month of August-2017. 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 3200 to 3250 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 3450 to 3500 from where the commodity broke down from November-2018 low.

Broad range for the commodity in the coming week can be seen between 2900 – 2950 on downside & 3400 – 3450 on upside.