EquityPandit’s Outlook for Crude Oil for the week (March 13, 2017 – March 17, 2017) :

CRUDE OIL:

CRUDE OIL (3229) closed the week on a negative note losing around 9.20%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 3588 and close the week around the levels of 3229.

Minor support for the commodity lies in the zone of 3200 to 3210. Support for the commodity lies in the zone of 3150 to 3170 from where the commodity broke out after consolidation. If the commodity manage to close below these levels then the commodity can drift to the levels of 3080 to 3100 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 3260 to 3290 where 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3330 to 3350 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3100 – 3120 on downside & 3300 – 3320 on upside.