EquityPandit’s Outlook for Copper for the week (March 06, 2017 – March 10, 2017) :

COPPER:

COPPER (398.50) closed the week with a positive note gaining around 1.10%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 390.50 and close the week around the levels of 398.50.

Support for the commodity lies in the zone of 388 to 390 where Fibonacci level and low for the month of February-2017 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 and medium term moving averages are lying.

Minor resistance for the commodity lies in the zone of 398 to 400. Resistance for the commodity lies in the zone of 406 to 407 where trend-line joining highs of 414.80 and 409.50 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 414 to 416 where the commodity has made a high in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 388 – 390 on downside & 410 – 412 on upside.