EquityPandit’s Outlook for Crude Oil for the week  (April 17, 2017 – April 21, 2017) :

CRUDE OIL:

CRUDE OIL (3420) closed the week on a positive note gaining around 1.80%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 3478 and close the week around the levels of 3420.

Minor support for the commodity lies in the zone of 3360 to 3380. Support for the commodity lies in the zone of 3300 to 3330 where Fibonacci level is lying. If the commodity manage to close below these levels then the commodity can drift to the levels of 3230 to 3270 where Fibonacci level and 200 Daily MA are lying.

Resistance for the commodity lies in the zone 3470 to 3500 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of around 3550 to 3570 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 3300 – 3330 on downside & 3550 – 3580 on upside.