EquityPandit’s Outlook for Crude Oil for the week  (Apr 02, 2018 – Apr 06, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on negative note losing around 0.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 4300 to 4350. If the commodity manages to close above these levels then the commodity can move to the levels of 4500 to 4550 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 4305 and close the week around the levels of 4234.

Support for the commodity lies in the zone of 4170 to 4200 from where the commodity broke out of February-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels 4030 to 4080 from where the commodity broke out and short term moving averages are lying.

Resistance for the commodity lies in the zone of 4300 to 4350. If the commodity manages to close above these levels then the commodity can move to the levels of 4500 to 4550 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 4000 – 4050 on downside & 4500 – 4550 on upside.