EquityPandit’s Outlook for Crude Oil for the week  (Feb 19, 2018 – Feb 23, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 3737 and close the week around the levels of 3942.

Minor support for the commodity lies in the zone of 3870 to 3900. 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 4000 to 4050. 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 3750 – 3800 on downside & 4100 – 4150 on upside.