EquityPandit’s Outlook for Crude Oil for the week  (Oct 09, 2017 – Oct 13, 2017) :

CRUDE OIL:

CRUDE OIL (3240) closed the week on negative note losing around 3.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 3300 to 3330 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying. During the week the commodity manages to hit a low of 3223 and close the week around the levels of 3240.

Support for the commodity lies in the zone of 3200 to 3250 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 3150 to 3175 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 3300 to 3330 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 3400 to 3430 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3120 – 3150 on downside & 3350 – 3600 on upside.