EquityPandit’s Outlook for Crude Oil for the week  (Feb 12, 2018 – Feb 16, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 9.00%.

As we have mentioned last week, that minor support for the commodity lies in the zone of 4100 to 4120. Support for the commodity lies in the zone of 3800 to 3850 where break out 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 3580 to 3630 where Fibonacci levels and medium term moving averages are lying. During the week the commodity manages to hit a low of 3795 and close the week around the levels of 3807.

Support for the commodity lies in the zone of 3750 to 3800 from where the commodity has broken out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 3580 to 3630 where the commodity has taken multiple support in the month of November-2017 & December-2017 and Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 3950 to 4000. Resistance for the commodity lies in the zone of 4150 to 4200 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 4300 to 4350.

Broad range for the commodity in the coming week can be seen between 3600 – 3650 on downside & 4000 – 4050 on upside.