EquityPandit’s Outlook for Copper for the week  (Dec 11, 2017 – Dec 15, 2017) :

COPPER:

COPPER closed the week on negative note losing around 3.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 423 and close the week around the levels of 428.

Support for the commodity lies in the zone of 425 to 427 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 415 to 418 where break out levels and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 434 to 436 where break out levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 440 to 443 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 415 – 418 on downside & 440 – 443 on upside.