EquityPandit’s Outlook for Copper for the week  (Aug 21, 2017 – Aug 25, 2017) :

COPPER:

COPPER (415.35) closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 412 to 415 where high for the November-2016 and February-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 422 to 425 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 422 and close the week around the levels of 415.

Support for the commodity lies in the zone of 412 to 415 where high for the November-2016 and February-2017 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 406 to 408 where the commodity has taken multiple support.

Resistance for the commodity lies in the zone of 422 to 425 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 428 to 430.

Broad range for the commodity in the coming week can be seen between 400 – 403 on downside & 425 – 428 on upside.