EquityPandit’s Outlook for Copper for the week   (Dec 03, 2018 – Dec 07, 2018) :

COPPER:

COPPER closed the week on negative note losing around 0.80%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 435 to 438. Resistance for the commodity lies in the zone of 445 to 450 from where the commodity broke down after consolidation and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 455 to 460 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 443 and close the week around the levels of 433.

Support for the commodity lies in the zone of 425 to 430 from where the commodity broke out of August-2018 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 410 to 415 where Fibonacci levels and low for the month of August-2018 are lying.

Minor resistance for the commodity lies in the zone of 435 to 438. Resistance for the commodity lies in the zone of 445 to 450 where short; medium & long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 455 to 460 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 415 – 420 on downside & 445 – 450 on upside.