EquityPandit’s Outlook for Crude Oil for the week  (Oct 08, 2018 – Oct 12, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 4.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 5330 to 5380 where high for the month of September-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 5450 to 5500 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 5669 and close the week around the levels of 5546.

Minor support for the commodity lies in the zone of 5450 to 5500. Support for the commodity lies in the zone of 5350 to 5400 from where the commodity broke out of September-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels 5150 to 5200 from where the commodity broke out of July-2018 high.

Resistance for the commodity lies in the zone of 5650 to 5700. If the commodity manages to close above these levels then the commodity can move to the levels of 5900 to 5950.

Broad range for the commodity in the coming week can be seen between 5350 – 5400 on downside & 5750 – 5800 on upside.