EquityPandit’s Outlook for Copper for the week   (Apr 09, 2018 – Apr 13, 2018) :

COPPER:

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

As we have mentioned last week, that support for the commodity lies in the zone of 425 to 430 where the commodity has formed a bottom in the month of February-2018 and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 415 to 420 where the commodity has formed a double bottom in the month of September-2017. During the week the commodity manages to hit a low of 429 and close the week around the levels of 438.

Support for the commodity lies in the zone of 425 to 430 where the commodity has formed a bottom in the month of February-2018 and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 415 to 420 where the commodity has formed a double bottom in the month of September-2017.

Minor resistance for the commodity lies in the zone of 440 to 445. Resistance for the commodity lies in the zone of 450 to 455 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 460 to 465 from where the commodity has retraced multiple times.

Broad range for the commodity in the coming week can be seen between 420 – 425 on downside & 450 – 455 on upside.