EquityPandit’s Outlook for Crude Oil for the week  (Feb 4, 2019 – Feb 8, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that minor support for the commodity lies around 3750 to 3780. Support for the commodity lies in the zone of 3650 to 3700 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3450 to 3500 where break out levels are lying. During the week the commodity manages to hit a low of 3662 and close the week around the levels of 3970.

Minor support for the commodity lies around 3850 to 3880. Support for the commodity lies in the zone of 3650 to 3700 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3450 to 3500 where break out levels are lying.

Resistance for the commodity lies in the zone of 4000 to 4050 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4300 to 4350 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3700 – 3800 on downside & 4100 – 4200 on upside.