EquityPandit’s Outlook for Crude Oil for the week  (Oct 16, 2017 – Oct 19, 2017) :

CRUDE OIL:

CRUDE OIL (3310) closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3150 to 3175 where break out levels and short term moving averages are lying. During the week the commodity manages to hit a low of 3218 and close the week around the levels of 3310.

Support for the commodity lies in the zone of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3150 to 3175 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 3330 to 3360 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3400 to 3430 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3180 – 3200 on downside & 3400 – 3430 on upside.