EquityPandit’s Outlook for Crude Oil for the week  (May 21, 2018 – May 25, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 4850 to 4900 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 4950 to 5000. During the week the commodity manages to hit a high of 4899 and close the week around the levels of 4859.

Minor support for the commodity lies in the zone of 4750 to 4780. Support for the commodity lies in the zone of 4580 to 4620 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 4350 to 4400 where break out levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 4850 to 4900 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 4950 to 5000.

Broad range for the commodity in the coming week can be seen between 4600 – 4650 on downside & 4950 – 5000 on upside.