EquityPandit’s Outlook for Copper for the week (February 13, 2017 – February 17, 2017) :
COPPER (408.15) closed the week with a positive note gaining around 5.30%.
Minor support for the commodity lies in the zone of around 399 to 400. Support for the commodity lies in the zone of 390 to 392 where Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 382 to 384 from where the commodity broke out after consolidation.
The commodity has closed around the resistance zone of 408 to 409 where trend-line joining highs of 414.80 and 409.50 is lying. Resistance for the commodity lies in the zone of 414 to 416 where the commodity has made a high in the month of November-2016. If the commodity manages to close above these levels then the commodity can move to the levels of 422 to 425 where monthly Fibonacci levels are lying and from where the commodity sold off in the month of May-2015.
Broad range for the commodity in the coming week can be seen between 398 – 400 on downside and 418 – 420 on upside.