EquityPandit’s Outlook for Crude Oil for the week  (June 18, 2018 – June 22, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 0.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 4575 and close the week around the levels of 4432.

Minor support for the commodity lies in the zone of 4370 to 4400. 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.

Minor resistance for the commodity lies in the zone of 4480 to 4500. 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.