EquityPandit’s Outlook for Crude Oil for the week  (April 03, 2017 – April 07, 2017) :

CRUDE OIL:

CRUDE OIL (3284) closed the week on a positive note gaining around 4.50%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 3170 to 3180. Resistance for the commodity lies in the zone of 3210 to 3230 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3260 to 3280 where 200 Daily SMA is lying. During the week the commodity manages to hit a high of 3288 and close the week around the levels of 3284.

Minor support for the commodity lies in the zone of 3240 to 3260. Support for the commodity lies in the zone of 3200 to 3220 where Fibonacci level and break out levels are lying. If the commodity manage to close below these levels then the commodity can drift to the levels of 3160 to 3180 from where the commodity broke out after consolidation.

Resistance for the commodity lies in the zone of 3260 to 3280 where 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3320 to 3340 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 3200 – 3220 on downside & 3350 – 3370 on upside.