EquityPandit’s Outlook for Crude Oil for the week  (Aug 21, 2017 – Aug 25, 2017) :

CRUDE OIL:

CRUDE OIL (3104) closed the week on negative note losing around 0.70%.

As we have mentioned last week, that support for the commodity lies in the zone of 3080 to 3100 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 of 3000 to 3030 where short term moving averages are lying. During the week the commodity manages to hit a low of 2981 and close the week around the levels of 3104.

Support for the commodity lies in the zone of 3080 to 3100 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 of 2980 to 3020 where short term moving averages are lying.

Minor resistance for the commodity lies in the zone of 3140 to 3150. Resistance for the commodity lies in the zone of 3200 to 3230 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3280 to 3300 where 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 3000 – 3030 on downside & 3230 – 3250 on upside.