EquityPandit’s Outlook for Copper for the week  (Oct 30, 2017 – Nov 03, 2017) :

COPPER:

COPPER closed the week on negative note losing around 2.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 464 to 466 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 472 to 475. During the week the commodity manages to hit a high of 465 and close the week around the levels of 446.

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 and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 425 to 427 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 451 to 453 from where the commodity has broken down after consolidation. 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 – 435 on downside & 455 – 460 on upside.