EquityPandit’s Outlook for Crude Oil for the week  (Jan 21, 2019 – Jan 25, 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 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. During the week the commodity manages to hit a high of 3872 and close the week around the levels of 3855.

Minor support for the commodity lies around 3750 to 3800. 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 and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 3600 – 3700 on downside & 4100 – 4200 on upside.