EquityPandit’s Outlook for Copper for the week  (May 08, 2017 – May 12, 2017) :

COPPER:

COPPER (361.45) closed the week on negative note losing around 1.70%.

As we have mentioned last week that minor support for the commodity lies in the zone of 364 to 365. Support for the commodity lies in the zone of 360 to 362 where the commodity has taken support in the month of November-2016 and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 350 to 352 where Fibonacci level is lying. During the week the commodity manages to hit a low of 356 and close the week around the levels of 361.

Support for the commodity lies in the zone of 360 to 362 where the commodity has taken support in the month of November-2016 and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 350 to 352 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 364 to 365. Resistance for the commodity lies in the zone of 368 to 370 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 375 to 377 from where the commodity broke down and Fibonacci level are lying.

Broad range for the commodity in the coming week can be seen between 350 – 352 on downside & 372 – 375 on upside.