EquityPandit’s Outlook for Crude Oil for the week  (Jan 15, 2018 – Jan 19, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 4.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 4123 and close the week around the levels of 4065.

Minor support for the commodity lies in the zone of 3950 to 4000. 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.

Resistance for the commodity lies in the zone of 4150to 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 3900 – 3950 on downside & 4200 – 4250 on upside.