EquityPandit’s Outlook for Copper for the week   (Feb 12, 2018 – Feb 16, 2018) :

COPPER:

COPPER closed the week on negative note losing around 4.40%.

As we have mentioned last week, that Support for the commodity lies in the zone of 445 to 448 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 425 to 430 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 432 and close the week around the levels of 432.

Support for the commodity lies in the zone of 425 to 430 where 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 long term moving averages 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 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 415 – 420 on downside & 445 – 450 on upside.