EquityPandit’s Outlook for Crude Oil for the week  (Nov 19, 2018 – Nov 23, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 7.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 4004 and close the week around the levels of 4104.

Support for the commodity lies in the zone of 4050 to 4100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3850 to 3900 from where the commodity broke out the high formed in the month of January-2017 and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 4200 to 4250 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4500 to 4550 from where the commodity broke down from August-2018 lows and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3800 – 3850 on downside & 4400 – 4450 on upside.