EquityPandit’s Outlook for Crude Oil for the week  (Oct 30, 2017 – Nov 03, 2017) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 3330 to 3360 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying. During the week the commodity manages to hit a low of 3361 and close the week around the levels of 3501.

Support for the commodity lies in the zone of 3440 to 3460 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3330 to 3360 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3530 to 3570 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3700 to 3750 where trend-line resistance is lying.

Broad range for the commodity in the coming week can be seen between 3330 – 3360 on downside & 3700 – 3730 on upside.