EquityPandit’s Outlook for Copper for the week  (July 03, 2017 – July 07, 2017) :

COPPER:

COPPER (385.20) closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 375 to 377 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 385 to 387 where the commodity has formed a top in the month of May-2017. During the week the commodity manages to hit a high of 386 and close the week around the levels of 385.

Minor support for the commodity lies in the zone of 379 to 381. Support for the commodity lies in the zone of 375 to 376 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 368 to 370 where 200 Daily moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 385 to 387 where the commodity has formed a top in the month of May-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 390 to 391 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 373 – 375 on downside & 393 – 395 on upside.