EquityPandit’s Outlook for Copper for the week  (May 01, 2017 – May 05, 2017) :

COPPER:

COPPER (367.60) closed the week on positive note gaining around 1.30%.

As we have mentioned last week that support for the commodity lies in the zone of 362 to 364 where the commodity has taken support in the month of November-2016 and December-2016. If the commodity manages to close below these levels then the commodity can drift to the levels of 358 to 360 where 200 Daily moving average is lying. During the week the commodity manages to hit a low of 361 and close the week around the levels of 368.

Minor support for the commodity lies in the zone of 364 to 365. Support for the commodity lies in the zone of 360 to 362 where the commodity has taken support in the month of November-2016 and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 350 to 352 where Fibonacci level is lying.

Resistance for the commodity lies in the zone of 368 to 370 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 375 to 377 from where the commodity broke down and Fibonacci level are lying.

Broad range for the commodity in the coming week can be seen between 355 – 357 on downside & 375 – 377 on upside.