EquityPandit’s Outlook for Crude Oil for the week (February 20, 2017 – February 24, 2017) :

CRUDE OIL:

CRUDE OIL (3580) closed the week with a negative note losing around 0.80%.

As we have mentioned last week that minor support for the commodity lies in the zone of 3530 to 3550. Support for the commodity lies in the zone of 3440 to 3460 where trend-line joining highs of May-2016 and October-2016 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3350 to 3380 where medium term moving averages are lying. During the week the commodity manages to hit a low of 3530 and close the week around the levels of 3580.

Minor support for the commodity lies in the zone of 3530 to 3550. Support for the commodity lies in the zone of 3440 to 3460 where trend-line joining highs of May-2016 and October-2016 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3350 to 3380 where medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 3620 to 3630. Resistance for the commodity lies in the zone of 3740 to 3770 from where the commodity sold off in the month of January-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 3950 to 4000 where the commodity has formed a double top pattern and sold off.

Broad range for the commodity in the coming week can be seen between 3460 – 3480 on downside and 3660 – 3680 on upside.