EquityPandit’s Outlook for Copper for the week  (April 03, 2017 – April 07, 2017) :

COPPER:

COPPER (380.75) closed the week on absolutely flat note.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 384 to 385. Resistance for the commodity lies in the zone of 388 to 390 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 393 to 395 where short term moving averages are lying. During the week the commodity manages to hit a high of 389 and close the week around the levels of 381.

Support for the commodity lies in the zone of 380 to 382 where the commodity has taken support on couple of occasions. If the commodity manages to close below these levels then the commodity can drift to the levels of 375 to 376 where Fibonacci level is lying. Below these levels the commodity can drift to the levels of 370 to 372 where long term Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 384 to 385. Resistance for the commodity lies in the zone of 388 to 390 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 393 to 395 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 370 – 372 on downside & 388 – 390 on upside.