EquityPandit’s Outlook for Crude Oil for the week  (Sep 24, 2018 – Sep 28, 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 5000 to 5050 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 5150 to 5200 where the commodity has formed a high in the month of July-2018. During the week the commodity manages to hit a high of 5195 and close the week around the levels of 5134.

Minor support for the commodity lies in the zone of 5000 to 5050. Support for the commodity lies in the zone of 4850 to 4900 where break out levels and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4750 to 4800 where medium term moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 5150 to 5200 where the commodity has formed a high in the month of July-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 5300 to 5350.

Broad range for the commodity in the coming week can be seen between 4900 – 4950 on downside & 5300 – 5350 on upside.