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

COPPER:

COPPER closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 448 and close the week around the levels of 441.

Support for the commodity lies in the zone of 435 to 440 where short; medium & long term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 425 to 430 from where the commodity broke out of August-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 450 to 455 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 460 to 465 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 425 – 430 on downside & 455 – 460 on upside.