EquityPandit’s Outlook for Copper for the week   (Sep 17, 2018 – Sep 21, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 430 to 435 from where the commodity broke down from the lows of March-2018 & April-2018, Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 440 to 445 where medium & long term moving averages are lying. During the week the commodity manages to hit a high of 434 and close the week around the levels of 424.

Support for the commodity lies in the zone of 415 to 420 where Fibonacci levels and break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 405 to 410 where the commodity has taken support in the month of August-2017 and August-2018.

Resistance for the commodity lies in the zone of 430 to 435 from where the commodity broke down from the lows of March-2018 & April-2018, Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 440 to 445 where medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 405 – 410 on downside & 435 – 440 on upside.