EquityPandit’s Outlook for Copper for the week   (Feb 19, 2018 – Feb 23, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 6.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 464 and close the week around the levels of 461.

Support 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 below these levels then the commodity can drift to the levels of 425 to 430 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 460 to 465 from where the commodity has retraced multiple times. If the commodity manages to close above these levels then the commodity can move to the levels of 470 to 475 where the commodity has formed a top in the month of December-2017.

Broad range for the commodity in the coming week can be seen between 440 – 445 on downside & 480 – 485 on upside.