EquityPandit’s Outlook for Copper for the week  (Dec 26, 2017 – Dec 29, 2017) :

COPPER:

COPPER closed the week on positive note gaining around 3.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 460 and close the week around the levels of 460.

Support for the commodity lies in the zone of 450 to 453 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 442 to 445 where short term moving averages are lying.

Resistance for the commodity lies in the zone of 465 to 467 where the commodity has formed a top in the month of October-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 475 to 480.

Broad range for the commodity in the coming week can be seen between 440 – 445 on downside & 475 – 480 on upside.