EquityPandit’s Outlook for Copper for the week  (Sep 25, 2017 – Sep 29, 2017) :

COPPER:

COPPER (423.55) closed the week on positive note gaining around 0.80%.

As we have mentioned last week that support for the commodity lies in the zone of 414 to 417 where short term moving averages and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 403 where long term Fibonacci levels are lying. During the week the commodity manages to hit a low of 417 and close the week around the levels of 423.55.

Support for the commodity lies in the zone of 414 to 417 where short term moving averages and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 403 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 425 to 427. If the commodity manages to close above these levels then the commodity can move to the levels of 432 to 435 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 412 – 415 on downside & 432 – 435 on upside.