EquityPandit’s Outlook for Copper for the week   (July 02, 2018 – July 06, 2018) :

COPPER:

COPPER closed the week on negative note losing around 1.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 445 to 450 where low for the month of May-2018 and long 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 low for the month of March-2018 & April-2018 and Fibonacci levels are lying. During the week the commodity manages to hit a low of 452 and close the week around the levels of 453.

Support for the commodity lies in the zone of 445 to 450 where low for the month of May-2018 and long 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 low for the month of March-2018 & April-2018 and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 460 to 465 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 475 to 480 from where the commodity broke down after consolidation.

Broad range for the commodity in the coming week can be seen between 435 – 440 on downside & 465 – 470 on upside.