EquityPandit’s Outlook for Copper for the week (March 20, 2017 – March 24, 2017) :

COPPER:

COPPER (390.75) closed the week on a positive note gaining around 2.10%.

As we have mentioned last week that minor support for the commodity lies in the zone of 379 to 380. Support for the commodity lies in the zone of 375 to 377 where Fibonacci level are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 368 to 370. During the week the commodity manages to hit a low of 379.50 and close the week around the levels of 391.

Minor support for the commodity lies in the zone of 386 to 388. Support for the commodity lies in the zone of 380 to 382 where the commodity has taken support on couple of occasions. If the commodity manages to close below these levels then the commodity can drift to the levels of 375 to 377 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 388 to 390 where Fibonacci levels are lying. Resistance for the commodity lies in the zone of 393 to 395 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 405 to 407 where trend-line joining earlier highs is lying.

Broad range for the commodity in the coming week can be seen between 380 – 382 on downside & 400 – 403 on upside.