EquityPandit’s Outlook for Copper for the week  (May 22, 2017 – May 26, 2017) :

COPPER:

COPPER (369.55) closed the week on positive note gaining around 2.70%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 362 to 364. 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. During the week the commodity manages to hit a high of 370 and close the week around the levels of 369.

Minor support for the commodity lies in the zone of 365 to 366. Support for the commodity lies in the zone of 361 to 363 where Fibonacci level 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 351 where long term Fibonacci level is lying.

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 360 – 362 on downside & 377 – 380 on upside.