EquityPandit’s Outlook for Copper for the week  (July 31, 2017 – Aug 04, 2017) :

COPPER:

COPPER (408.90) closed the week on positive note gaining around 5.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 390 to 391 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 395 to 397 where trend-line resistance for the commodity is lying. During the week the commodity manages to hit a high of 414 and close the week around the levels of 409.

Minor support for the commodity lies in the zone of 400 to 403. Support for the commodity lies in the zone of 395 to 397 where trend-line support for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 390 to 392 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 412 to 415 where high for the November-2016 and February-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 422 to 425 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 390 – 393 on downside & 422 – 425 on upside.