EquityPandit’s Outlook for Copper for the week   (Mar 05, 2018 – Mar 09, 2018) :

COPPER:

COPPER closed the week on negative note losing around 1.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 460 to 465 from where the commodity has retraced multiple times. If the commodity manages to close above these levels then the commodity can move to the levels of 470 to 475 where the commodity has formed a top in the month of December-2017. During the week the commodity manages to hit a high of 462 and close the week around the levels of 453.

Support for the commodity lies in the zone of 450 to 455 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 430 to 435 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 460 to 465 from where the commodity has retraced multiple times. If the commodity manages to close above these levels then the commodity can move to the levels of 470 to 475 where the commodity has formed a top in the month of December-2017.

Broad range for the commodity in the coming week can be seen between 435 – 440 on downside & 465 – 470 on upside.