EquityPandit’s Outlook for Copper for the week  (Oct 03, 2017 – Oct 06, 2017) :

COPPER:

COPPER (427.95) closed the week on positive note gaining around 1.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 433 and close the week around the levels of 428.

Minor support for the commodity lies in the zone of 424 to 426. Support for the commodity lies in the zone of 414 to 417 where 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 432 to 435 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 442 to 445.

Broad range for the commodity in the coming week can be seen between 415 – 418 on downside & 442 – 445 on upside.