EquityPandit’s Outlook for Copper for the week  (April 10, 2017 – April 14, 2017) :

COPPER:

COPPER (376.05) closed the week on negative note losing around 1.20%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 371 and close the week around the levels of 376.

Support for the commodity lies in the zone of 375 to 376 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 370 to 372 where long term Fibonacci level is lying. Below these levels the commodity can drift to the levels of 362 to 364 where the commodity has taken support in the month of November-2016 and December-2016.

Minor resistance for the commodity lies in the zone of 379 to 381. 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 362 – 364 on downside & 383 – 385 on upside.