EquityPandit’s Outlook for Crude Oil for the week  (April 10, 2017 – April 14, 2017) :

CRUDE OIL:

CRUDE OIL (3359) closed the week on a positive note gaining around 2.30%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 3268 and close the week around the levels of 3359.

Minor support for the commodity lies in the zone of 3300 to 3330. Support for the commodity lies in the zone of 3230 to 3270 where Fibonacci level and 200 Daily MA 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 3400 to 3430 where short term moving average and Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3470 to 3500.

Broad range for the commodity in the coming week can be seen between 3230 – 3250 on downside & 3430 – 3470 on upside.