EquityPandit’s Outlook for Copper for the week   ( Jan 01, 2018 – Jan 05, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 472 and close the week around the levels of 466.

Support for the commodity lies in the zone of 454 to 456 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 long term Fibonacci levels are lying. 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 450 – 455 on downside & 475 – 480 on upside.