EquityPandit’s Outlook for Crude Oil for the week  (Mar 26, 2018 – Mar 28, 2018) :

CRUDE OIL:

CRUDE OIL closed the week on positive note gaining around 5.30%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 4040 to 4080. Resistance for the commodity lies in the zone of 4150 to 4200 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 4300 to 4350. During the week the commodity manages to hit a high of 4274 and close the week around the levels of 4266.

Support for the commodity lies in the zone of 4170 to 4200 from where the commodity broke out of February-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels 4030 to 4080 from where the commodity broke out and short term moving averages are lying.

Resistance for the commodity lies in the zone of 4300 to 4350. If the commodity manages to close above these levels then the commodity can move to the levels of 4500 to 4550 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 4000 – 4050 on downside & 4500 – 4550 on upside.