EquityPandit’s Outlook for Crude Oil for the week  (June 26, 2017 – June 30, 2017) :

CRUDE OIL:

CRUDE OIL (2777) closed the week on negative note losing around 3.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 2732 and close the week around the levels of 2777.

Support for the commodity lies in the zone of 2700 to 2730. 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.

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.

Broad range for the commodity in the coming week can be seen between 2600 – 2630 on downside & 2870 – 2900 on upside.