EquityPandit’s Outlook for Crude Oil for the week  (Mar 05, 2019 – Mar 08, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 2.70%.

As we have mentioned last week, that support for the commodity lies in the zone of 3950 to 4000 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3850 to 3900 where break out levels and short term moving averages are lying. During the week the commodity manages to hit a low of 3916 and close the week around the levels of 3982.

Support for the commodity lies in the zone of 3850 to 3900 where break out levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3600 to 3650 where Fibonacci levels and low for the month of February-2019 is lying.

Resistance for the commodity lies in the zone of 4050 to 4100 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4300 to 43500 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3800 – 3850 on downside & 4200 – 4250 on upside.