EquityPandit’s Outlook for Copper for the week  (June 26, 2017 – June 30, 2017) :

COPPER:

COPPER (373.80) closed the week on positive note gaining around 2.30%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 363 and close the week around the levels of 374.

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.

Resistance for the commodity lies in the zone of 375 to 377 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 385 to 387 where the commodity has formed a top in the month of May-2017.

Broad range for the commodity in the coming week can be seen between 363 – 365 on downside & 385 – 387 on upside.