EquityPandit’s Outlook for Crude Oil for the week (February 27, 2017 – March 03, 2017) :

CRUDE OIL:

CRUDE OIL (3615) closed the week with a positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 3694 and close the week around the levels of 3615.

Minor support for the commodity lies in the zone of 3580 to 3600. Support for the commodity lies in the zone of 3530 to 3550 where the commodity has taken multiple support on daily basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 3450 to 3480 where medium term moving averages, Fibonacci level and trend-line joining earlier highs are lying.

Minor resistance for the commodity lies in the zone of 3620 to 3630. Resistance for the commodity lies in the zone of 3690 to 3710 where the commodity is facing multiple resistance. If the commodity manages to close above these levels then the commodity can move to the levels of 3750 to 3780 where the commodity has formed a high in the month of January-2017.

Broad range for the commodity in the coming week can be seen between 3500 – 3530 on downside and 3690 – 3710 on upside.