EquityPandit’s Outlook for Copper for the week  (June 12, 2017 – June 16, 2017) :

COPPER:

COPPER (377) closed the week on positive note gaining around 2.80%.

As we have mentioned last week that 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 377 and close the week around the levels of 377.

Minor support for the commodity lies in the zone of 375 to 376. Support for the commodity lies in the zone of 368 to 370 where 200 Daily moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 361 to 363 where Fibonacci level are lying.

Resistance for the commodity lies in the zone of 379 to 381 where medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 388 to 390 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 366 – 368 on downside & 388 – 390 on upside.