EquityPandit’s Outlook for Crude Oil for the week  (Nov 12, 2018 – Nov 16, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 5.40%.

As we have mentioned last week, that support for the commodity lies in the zone of 4800 to 4850 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4650 to 4700 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a low of 4297 and close the week around the levels of 4362.

Support for the commodity lies in the zone of 4250 to 4300 where Fibonacci levels and low for the month of July-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4050 to 4100 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 4500 to 4530 from where the commodity broke down from August-2018 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 4650 to 4700 where long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 4100 – 4150 on downside & 4600 – 4650 on upside.