EquityPandit’s Outlook for Copper for the week (Sep 18, 2017 – Sep 22, 2017) :
COPPER (420.10) closed the week on negative note losing around 2.60%.
Support for the commodity lies in the zone of 414 to 417 where short term moving averages and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 403 where long term Fibonacci levels are lying.
Resistance for the commodity lies in the zone of 424 to 426. If the commodity manages to close above these levels then the commodity can move to the levels of 430 to 432 from where the commodity has broken down.
Broad range for the commodity in the coming week can be seen between 408 – 410 on downside & 430 – 433 on upside.