EquityPandit’s Outlook for Crude Oil for the week  (Jan 28, 2019 – Feb 1, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 0.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 3708 and close the week around the levels of 3812.

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.

Minor resistance for the commodity lies around 3880 to 3900. 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 & 4000 – 4100 on upside.