EquityPandit’s Outlook for Crude Oil for the week  (July 24, 2017 – July 28, 2017) :

CRUDE OIL:

CRUDE OIL (2965) closed the week on negative note losing around 0.80%.

As we have mentioned last week, that 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 levels are lying. During the week the commodity manages to hit a high of 3084 and close the week around the levels of 2965.

Minor support for the commodity lies in the zone of 2900 to 2930. Support for the commodity lies in the zone of 2800 to 2830 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 levels are lying.

Broad range for the commodity in the coming week can be seen between 2850 – 2880 on downside & 3080 – 3100 on upside.