EquityPandit’s Outlook for Crude Oil for the week  (Oct 01, 2018 – Oct 05, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 5350 and close the week around the levels of 5335.

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 4850 to 4900 where break out levels and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 5330 to 5380 where high for the month of September-2018 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 5450 to 5500 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 5050 – 5100 on downside & 5450 – 5500 on upside.