EquityPandit’s Outlook for Copper for the week   (Aug 20, 2018 – Aug 24, 2018) :

COPPER:

COPPER closed the week on negative note losing around 2.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 415 to 418 where the commodity has taken multiple support in the month of September-2017. If the commodity manages to close below these levels then the commodity can witness a major break down and it can drift to the levels of 400 to 405. During the week the commodity manages to hit a low of 403 and close the week around the levels of 408.

Support for the commodity lies in the zone of 400 to 405 where the commodity has taken support in the month of August-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 390 to 395 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 410 to 415 from where the commodity has broken down from July-2018 low and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 425 to 430 from where the commodity broke down from the lows of March-2018 & April-2018 and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 390 – 395 on downside & 425 – 430 on upside.