EquityPandit’s Outlook for Crude Oil for the week  (May 29, 2017 – June 02, 2017) :

CRUDE OIL:

CRUDE OIL (3213) closed the week on negative note losing around 1.80%.

As we have mentioned last week that resistance for the commodity lies in the zone of 3300 to 3330 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3400 to 3430 where medium term moving averages and Fibonacci levels are lying. During the week the commodity manages to hit a high of 3370 and close the week around the levels of 3213.

Minor support for the commodity lies in the zone of 3150 to 3170. Support for the commodity lies in the zone of 3080 to 3100 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3000 to 3030.

Resistance for the commodity lies in the zone of 3230 to 3250 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3300 to 3330 where Fibonacci levels and 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 3100 – 3130 on downside & 3300 – 3330 on upside.