EquityPandit’s Outlook for Crude Oil for the week  (June 25, 2018 – June 29, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 5.40%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 4480 to 4500. Resistance for the commodity lies in the zone of 4550 to 4600 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4650 to 4700 from where the commodity has broken down. During the week the commodity manages to hit a high of 4680 and close the week around the levels of 4675.

Minor support for the commodity lies in the zone of 4575 to 4600. Support for the commodity lies in the zone of 4400 to 4450 where medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 4250 to 4300 from where the commodity broke out of January-2018 and March-2018 highs.

Resistance for the commodity lies in the zone of 4700 to 4750 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 4850 to 4900.

Broad range for the commodity in the coming week can be seen between 4500 – 4550 on downside & 4800 – 4850 on upside.