EquityPandit’s Outlook for Copper for the week   (Aug 27, 2018 – Aug 31, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 405 and close the week around the levels of 416.

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 415 to 420 where 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, Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 400 – 405 on downside & 425 – 430 on upside.