EquityPandit’s Outlook for Crude Oil for the week  ( Jan 01, 2018 – Jan 05, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 3750 to 3760. Resistance for the commodity lies in the zone of 3800 to 3830 where the commodity has formed a top in the month of November-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 3940 to 3980 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 3863 and close the week around the levels of 3850.

Minor support for the commodity lies in the zone of 3780 to 3800. Support for the commodity lies in the zone of 3580 to 3630 where Fibonacci 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 3500 to 3520 where break out levels are lying.

Resistance for the commodity lies in the zone of 3960 to 4000 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 4100 to 4200.

Broad range for the commodity in the coming week can be seen between 3700 – 3730 on downside & 3950 – 4000 on upside.