EquityPandit’s Outlook for Crude Oil for the week  (July 03, 2017 – July 07, 2017) :

CRUDE OIL:

CRUDE OIL (2968) closed the week on positive note gaining around 6.90%.

As we have mentioned last week that resistance for the commodity lies in the zone of 2800 to 2830 where the commodity has taken support in the month of May-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 2880 to 2900 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 2972 and close the week around the levels of 2968.

Support for the commodity lies in the zone of 2880 to 2900 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 2700 to 2750 where long term Fibonacci level is lying.

Resistance for the commodity lies in the zone of 3000 to 3030 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3080 to 3100 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 2800 – 2830 on downside & 3080 – 3100 on upside.