EquityPandit’s Outlook for Copper for the week  (Oct 16, 2017 – Oct 19, 2017) :

COPPER:

COPPER (448.00) closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 442 to 445 from where the commodity has sold off. If the commodity manages to close above these levels then the commodity can move to the levels of 450 to 452 where the commodity has formed a top in the month of September-2017. During the week the commodity manages to hit a high of 451 and close the week around the levels of 448.

Minor support for the commodity lies in the zone of 440 to 442. Support for the commodity lies in the zone of 434 to 436 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 425 to 426 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 450 to 452 where the commodity has formed a top in the month of September-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 464 to 466 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 430 – 432 on downside & 460 – 462 on upside.