EquityPandit’s Outlook for Copper for the week  (Nov 27, 2017 – Dec 01, 2017) :

COPPER:

COPPER closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 443 to 445. 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. During the week the commodity manages to hit a high of 452 and close the week around the levels of 452.

Minor support for the commodity lies in the zone of 445 to 447. 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 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 440 – 443 on downside & 463 – 466 on upside.