EquityPandit’s Outlook for Crude Oil for the week  (Feb 25, 2019 – Mar 01, 2019) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 3.40%.

As we have mentioned last week, that Resistance for the commodity lies in the zone of 4000 to 4050 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 4300 to 4350 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 4126 and close the week around the levels of 4084.

Support for the commodity lies in the zone of 3950 to 4000 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 3850 to 3900 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 4150 to 4200 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4300 to 4350 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3900 – 3950 on downside & 4200 – 4250 on upside.