EquityPandit’s Outlook for Copper for the week  (Dec 18, 2017 – Dec 22, 2017) :

COPPER:

COPPER closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 425 and close the week around the levels of 446.

Support for the commodity lies in the zone of 434 to 436 where medium 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 450 to 453 where the commodity is facing resistance in the month of Nov-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 465 to 467 where the commodity has formed a top in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 430 – 435 on downside & 455 – 460 on upside.