EquityPandit’s Outlook for Copper for the week (March 27, 2017 – March 31, 2017) :

COPPER:

COPPER (380.75) closed the week on a negative note losing around 2.60%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 376 and close the week around the levels of 381.

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 376 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 384 to 385. Resistance for the commodity lies in the zone of 388 to 390 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 393 to 395 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 375 – 377 on downside & 388 – 390 on upside.