EquityPandit’s Outlook for Crude Oil for the week  (June 05, 2017 – June 09, 2017) :

CRUDE OIL:

CRUDE OIL (3081) closed the week on negative note losing around 4.10%.

As we have mentioned last week that minor support for the commodity lies in the zone of 3150 to 3170. Support for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3000 to 3030. During the week the commodity manages to hit a low of 3021 and close the week around the levels of 3081.

Support for the commodity lies in the zone of 3000 to 3030 where break out levels for the commodity are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 2900 to 2930.

Minor resistance for the commodity lies in the zone of 3130 to 3150. Resistance for the commodity lies in the zone of 3230 to 3250 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3300 to 3330 where Fibonacci levels and 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 2900 – 2930 on downside & 3200 – 3230 on upside.