EquityPandit’s Outlook for Crude Oil for the week  (April 24, 2017 – April 28, 2017) :

CRUDE OIL:

CRUDE OIL (3208) closed the week on a negative note losing around 6.20%.

As we have mentioned last week that minor support for the commodity lies in the zone of 3360 to 3380. Support for the commodity lies in the zone of 3300 to 3330 where Fibonacci level is lying. If the commodity manage to close below these levels then the commodity can drift to the levels of 3230 to 3270 where Fibonacci level and 200 Daily MA are lying. During the week the commodity manages to hit a low of 3195 and close the week around the levels of 3208.

Support for the commodity lies in the zone of 3160 to 3180 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of around 3080 to 3100 where Fibonacci level and lows for the month of March-2017 are lying.

Resistance for the commodity lies in the zone of 3240 to 3270 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 3330 to 3350 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3080 – 3100 on downside & 3330 – 3350 on upside.