EquityPandit’s Outlook for Crude Oil for the week  (May 15, 2017 – May 19, 2017) :

CRUDE OIL:

CRUDE OIL (3066) closed the week on positive note gaining around 3.30%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 3000 to 3030. Resistance for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels and break down levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3230 to 3250 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 3112 and close the week around the levels of 3066.

Minor support for the commodity lies in the zone of 3000 to 3030. Support for the commodity lies in the zone of 2880 to 2900 where the commodity has taken support in the month of September-2016 and November-2016. If the commodity manages to close below these levels then the commodity can drift to the levels of 2730 to 2750 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels and break down levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3230 to 3250 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 2950 – 2980 on downside & 3150 – 3170 on upside.