EquityPandit’s Outlook for Crude Oil for the week  (Aug 28, 2017 – Sep 01, 2017) :

CRUDE OIL:

CRUDE OIL (3058) closed the week on negative note losing around 1.50%.

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 2980 to 3020 where short term moving averages are lying. During the week the commodity manages to hit a low of 3013 and close the week around the levels of 3058.

Support for the commodity lies in the zone of 2980 to 3020 where short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 2880 to 2920 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3080 to 3120 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3200 to 3230 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 2900 – 2930 on downside & 3200 – 3230 on upside.