EquityPandit’s Outlook for Copper for the week   (Apr 16, 2018 – Apr 20, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 454 and close the week around the levels of 443.

Minor support for the commodity lies in the zone of 436 to 439. 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.

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 425 – 430 on downside & 455 – 460 on upside.