EquityPandit’s Outlook for Crude Oil for the week  (May 08, 2017 – May 12, 2017) :

CRUDE OIL:

CRUDE OIL (2969) closed the week on a negative note losing around 6.50%.

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 2839 and close the week around the levels of 2969.

Support for the commodity lies in the zone of 2880 to 2900 where the commodity has taken support in the month of September-2016 and November-2016. Support for the commodity lies in the zone of 2730 to 2750 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can witness a freefall and can drift to the levels of 2630 to 2650 where the commodity has formed a bottom in the month of August-2016.

Minor resistance for the commodity lies in the zone of 3000 to 3030. Resistance for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels and break down levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3230 to 3250 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 2770 – 2800 on downside & 3050 – 3070 on upside.