EquityPandit’s Outlook for Crude Oil for the week  (June 12, 2017 – June 16, 2017) :

CRUDE OIL:

CRUDE OIL (2959) closed the week on negative note losing around 4.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 2910 and close the week around the levels of 2959.

Support for the commodity lies in the zone of 2830 to 2880 where the commodity has taken support in the month of November-2016 and May-2017. If the commodity manages to close below these levels then the commodity can witness a freefall and can drift to the levels of 2600 to 2650.

Minor resistance for the commodity lies in the zone of 3000 to 3030. Resistance for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3200 to 3230 where Fibonacci levels and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 2800 – 2830 on downside & 3100 – 3130 on upside.