EquityPandit’s Outlook for Crude Oil for the week  (Sep 18, 2017 – Sep 22, 2017) :

CRUDE OIL:

CRUDE OIL (3191) closed the week on positive note gaining around 4.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 2980 to 3020 where short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 2880 to 2920 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 3010 and close the week around the levels of 3191.

Support for the commodity lies in the zone of 3080 to 3120 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 2980 to 3020 where short term moving averages are lying.

Resistance 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 above these levels then the commodity can move to the levels of 3300 to 3330 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 3020 – 3050 on downside & 3300 – 3330 on upside.