EquityPandit’s Outlook for Crude Oil for the week  (July 16, 2018 – July 20, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 3.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 4737 and close the week around the levels of 4884.

Support for the commodity lies in the zone of 4750 to 4800 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4550 to 4600 where medium term moving averages and Fibonacci levels are lying.

Minor resistance lies around the zone of 4950 to 5000. Resistance for the commodity lies in the zone of 5100 to 5150 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 4600 – 4650 on downside & 5100 – 5150 on upside.