EquityPandit’s Outlook for Crude Oil for the week (March 20, 2017 – March 24, 2017) :

CRUDE OIL:

CRUDE OIL (3196) closed the week on a negative note losing around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 3107 and close the week around the levels of 3196.

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.

Minor resistance for the commodity lies in the zone of 3210 to 3230. Resistance for the commodity lies in the zone of 3270 to 3280 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.