EquityPandit’s Outlook for Copper for the week (March 13, 2017 – March 17, 2017) :

COPPER:

COPPER (382.80) closed the week on a negative note losing around 4.00%.

As we have mentioned last week that support for the commodity lies in the zone of 388 to 390 where Fibonacci level and low for the month of February-2017 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 382 to 384 from where the commodity broke out after consolidation and medium term moving averages are lying. During the week the commodity manages to hit a low of 379 and close the week around the levels of 383.

Minor support for the commodity lies in the zone of 379 to 380. Support for the commodity lies in the zone of 375 to 377 where Fibonacci level are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 368 to 370.

Minor resistance for the commodity lies in the zone of 385 to 386. Resistance for the commodity lies in the zone of 388 to 390 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 393 to 395 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 368 – 370 on downside & 395 – 397 on upside.