EquityPandit’s Outlook for Crude Oil for the week  (June 04, 2018 – June 08, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 3.70%.

As we have mentioned last week, that support for the commodity lies in the zone of 4550 to 4600 where break out levels and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4250 to 4300 where break out levels and medium term moving averages are lying. During the week the commodity manages to hit a low of 4417 and close the week around the levels of 4428.

Support for the commodity lies in the zone of 4250 to 4300 where break out levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4000 to 4050 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 4550 to 4600 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4650 to 4700 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 4250 – 4300 on downside & 4550 – 4600 on upside.