EquityPandit’s Outlook for Copper for the week  (July 24, 2017 – July 28, 2017) :

COPPER:

COPPER (389) closed the week on positive note gaining around 1.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 385 to 387 where the commodity has formed a top in the month of May-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 390 to 391 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 392 and close the week around the levels of 389.

Minor support for the commodity lies in the zone of 385 to 387. Support for the commodity lies in the zone of 380 to 382 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 375 to 377 where short, medium and 200 Daily moving averages and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 390 to 391 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 395 to 397 where trend-line resistance for the commodity is lying.

Broad range for the commodity in the coming week can be seen between 378 – 380 on downside & 397 – 399 on upside.