EquityPandit’s Outlook for Copper for the week   (Dec 24, 2018 – Dec 28, 2018) :

COPPER:

COPPER closed the week on negative note losing around 5.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 416 and close the week around the levels of 418.

Support for the commodity lies in the zone of 410 to 415 where low for the month of Sepetmber-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 405 where long term Fibonacci levels and low for the month of August-2018 is lying.

Resistance for the commodity lies in the zone of 425 to 430 from where the commodity broke down from November-2018 low and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 435 to 440 where short; medium & long term moving averages and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 400 – 405 on downside & 430 – 435 on upside.