EquityPandit’s Outlook for Copper for the week   (June 11, 2018 – June 15, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 7.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 493 and close the week around the levels of 491.

Support for the commodity lies in the zone of 480 to 485 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 470 to 475 from where the commodity broke out of double top pattern.

Resistance for the commodity lies in the zone of 495 to 500 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 510 to 515 where life time high for the commodity is lying.

Broad range for the commodity in the coming week can be seen between 470 – 475 on downside & 510 – 515 on upside.