EquityPandit’s Outlook for Copper for the week  (Oct 23, 2017 – Oct 27, 2017) :

COPPER:

COPPER closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 450 to 452 where the commodity has formed a top in the month of September-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 464 to 466 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 466 and close the week around the levels of 455.

Support for the commodity lies in the zone of 450 to 452 where the commodity has formed a top in the month of September-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 434 to 436 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 464 to 466 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 472 to 475.

Broad range for the commodity in the coming week can be seen between 440 – 442 on downside & 470 – 472 on upside.