EquityPandit’s Outlook for Crude Oil for the week (March 27, 2017 – March 31, 2017) :

CRUDE OIL:

CRUDE OIL (3142) closed the week on a negative note losing around 1.70%.

As we have mentioned last week that 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 3104 and close the week around the levels of 3142.

Support for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels are lying. If the commodity manage to close below these levels then the commodity can drift to the levels of 3030 to 3050.

Minor resistance for the commodity lies in the zone of 3170 to 3180. Resistance for the commodity lies in the zone of 3210 to 3230 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3260 to 3280 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 3050 – 3070 on downside & 3230 – 3250 on upside.