EquityPandit’s Outlook for Copper for the week (February 27, 2017 – March 03, 2017) :

COPPER:

COPPER (394) closed the week with a negative note losing around 1.50%.

As we have mentioned last week that resistance for the commodity lies in the zone of 406 to 407 where trend-line joining highs of 414.80 and 409.50 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 414 to 416 where the commodity has made a high in the month of November-2016. During the week the commodity manages to hit a high of 407 and close the week around the levels of 394.

Support for the commodity lies in the zone of 390 to 392 where Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 382 to 384 from where the commodity broke out after consolidation.

Minor resistance for the commodity lies in the zone of 396 to 398. Resistance for the commodity lies in the zone of 406 to 407 where trend-line joining highs of 414.80 and 409.50 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 414 to 416 where the commodity has made a high in the month of November-2016.

Broad range for the commodity in the coming week can be seen between 382 – 384 on downside and 404 – 406 on upside.