EquityPandit’s Outlook for Copper for the week  (June 19, 2017 – June 23, 2017) :

COPPER:

COPPER (365.45) closed the week on negative note losing around 3.10%.

As we have mentioned last week that minor support for the commodity lies in the zone of 375 to 376. Support for the commodity lies in the zone of 368 to 370 where 200 Daily moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 361 to 363 where Fibonacci level are lying. During the week the commodity manages to hit a low of 363 and close the week around the levels of 365.

Support for the commodity lies in the zone of 361 to 363 where Fibonacci level are lying. If the commodity manages to close below these levels then the commodity can witness a freefall and can drift to the levels of 350 to 352.

Resistance for the commodity lies in the zone of 368 to 370 where 200 Daily moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 375 to 377 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 350 – 352 on downside & 375 – 377 on upside.