EquityPandit’s Outlook for Crude Oil for the week  (Jan 07, 2019 – Jan 11, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 5.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 3439 and close the week around the levels of 3359.

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 2900 to 2950 where the commodity has taken support in the month of August-2017.

Resistance for the commodity lies in the zone of 3450 to 3500 from where the commodity broke down from November-2018 low. If the commodity manages to close above these levels then the commodity can move to the levels of 3700 to 3750 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 3100 – 3150 on downside & 3550 – 3600 on upside.