EquityPandit’s Outlook for Crude Oil for the week (March 06, 2017 – March 10, 2017) :

CRUDE OIL:

CRUDE OIL (3556) closed the week with a negative note losing around 1.60%.

As we have mentioned last week that minor support for the commodity lies in the zone of 3580 to 3600. Support for the commodity lies in the zone of 3530 to 3550 where the commodity has taken multiple support on daily basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 3450 to 3480 where medium term moving averages, Fibonacci level and trend-line joining earlier highs are lying. During the week the commodity manages to hit a low of 3520 and close the week around the levels of 3556.

Support for the commodity lies in the zone of 3530 to 3550 where the commodity has taken multiple support on daily basis. If the commodity manages to close below these levels then the commodity can drift to the levels of 3450 to 3480 where medium term moving averages, Fibonacci level and trend-line joining earlier highs are lying.

Minor resistance for the commodity lies in the zone of 3580 to 3600. Resistance for the commodity lies in the zone of 3690 to 3710 where the commodity is facing multiple resistance. If the commodity manages to close above these levels then the commodity can move to the levels of 3750 to 3780 where the commodity has formed a high in the month of January-2017.

Broad range for the commodity in the coming week can be seen between 3450 – 3470 on downside & 3650 – 3670 on upside.