EquityPandit’s Outlook for Copper for the week  (Oct 09, 2017 – Oct 13, 2017) :

COPPER:

COPPER (438.90) closed the week on positive note gaining around 2.60%.

As we have mentioned last week that minor support for the commodity lies in the zone of 424 to 426. Support for the commodity lies in the zone of 414 to 417 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 403 where long term Fibonacci levels are lying. During the week the commodity manages to hit a low of 425 and close the week around the levels of 439.

Minor support for the commodity lies in the zone of 432 to 434. Support for the commodity lies in the zone of 425 to 426 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 414 to 417 where break out levels are lying.

Resistance for the commodity lies in the zone of 442 to 445 from where the commodity has sold off. If the commodity manages to close above these levels then the commodity can move to the levels of 450 to 452 where the commodity has formed a top in the month of September-2017.

Broad range for the commodity in the coming week can be seen between 425 – 428 on downside & 450 – 452 on upside.