EquityPandit’s Outlook for Copper for the week  (May 15, 2017 – May 19, 2017) :

COPPER:

COPPER (359.80) closed the week on negative note losing around 0.50%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 364 to 365. 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. During the week the commodity manages to hit a high of 365 and close the week around the levels of 360.

Minor support for the commodity lies in the zone of 354 to 356. Support for the commodity lies in the zone of 350 to 351 where long term Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 343 to 345.

Minor resistance for the commodity lies in the zone of 362 to 364. 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 350 – 352 on downside & 372 – 375 on upside.