EquityPandit’s Outlook for Crude Oil for the week  (May 01, 2017 – May 05, 2017) :

CRUDE OIL:

CRUDE OIL (3174) closed the week on a negative note losing around 1.10%.

As we have mentioned last week that support for the commodity lies in the zone of 3160 to 3180 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of around 3080 to 3100 where Fibonacci level and lows for the month of March-2017 are lying. During the week the commodity manages to hit a low of 3101 and close the week around the levels of 3174.

Support for the commodity lies in the zone of 3160 to 3180 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of around 3080 to 3100 where Fibonacci level and lows for the month of March-2017 are lying.

Resistance for the commodity lies in the zone of 3230 to 3240 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 3330 to 3350 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3080 – 3100 on downside & 3250 – 3270 on upside.