EquityPandit’s Outlook for Copper for the week   (Jan 29, 2018 – Feb 02, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 458 to 462. 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. During the week the commodity manages to hit a high of 458 and close the week around the levels of 452.

Support for the commodity lies in the zone of 445 to 448 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 425 to 430 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 458 to 462. 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 430 – 435 on downside & 465 – 470 on upside.