EquityPandit’s Outlook for Crude Oil for the week  (July 02, 2018 – July 06, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 8.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 4700 to 4750 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 4850 to 4900. During the week the commodity manages to hit a high of 5109 and close the week around the levels of 5089.

Support for the commodity lies in the zone of 4950 to 5000 from where the commodity broke out of May-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels 4750 to 4800 where break out levels are lying.

Resistance for the commodity lies in the zone of 5300 to 5350 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 5450 to 5500.

Broad range for the commodity in the coming week can be seen between 4800 – 4850 on downside & 5300 – 5350 on upside.