EquityPandit’s Outlook for Crude Oil for the week  (June 19, 2017 – June 23, 2017) :

CRUDE OIL:

CRUDE OIL (2879) closed the week on negative note losing around 2.70%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 3015 and close the week around the levels of 2879.

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 2930 to 2950. 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 2750 – 2780 on downside & 3000 – 3030 on upside.