EquityPandit’s Outlook for Crude Oil for the week  (Oct 15, 2018 – Oct 19, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 5.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 5211 and close the week around the levels of 5243.

Support for the commodity lies in the zone of 5150 to 5200 from where the commodity broke out of July-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels 5050 to 5100 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 5350 to 5400 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 5500 to 5550 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 5000 – 5050 on downside & 5450 – 5500 on upside.