EquityPandit’s Outlook for Crude Oil for the week  (Feb 26, 2018 – Mar 02, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 4.60%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 4000 to 4050. Resistance for the commodity lies in the zone of 4150 to 4200 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4300 to 4350. During the week the commodity manages to hit a high of 4141 and close the week around the levels of 4125.

Minor support for the commodity lies in the zone of 4040 to 4080. Support for the commodity lies in the zone of 3880 to 3920 from where the commodity broke out and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels 3750 to 3800 from where the commodity has broken out of November-2017 highs.

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

Broad range for the commodity in the coming week can be seen between 3950 – 4000 on downside & 4250 – 4300 on upside.