EquityPandit’s Outlook for Copper for the week   (May 14, 2018 – May 18, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 448 to 452 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 438 to 442 where break out levels and long term moving averages are lying. During the week the commodity manages to hit a low of 449 and close the week around the levels of 465.

Minor support for the commodity lies in the zone of 457 to 459. Support for the commodity lies in the zone of 448 to 452 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 438 to 442 where break out levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 463 to 466 from where the commodity has retraced multiple times and Fibonacci levels are lying. 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 high in the month of December-2017.

Broad range for the commodity in the coming week can be seen between 445 – 450 on downside & 475 – 480 on upside.