EquityPandit’s Outlook for Copper for the week   (July 09, 2018 – July 13, 2018) :

COPPER:

COPPER closed the week on negative note losing around 0.40%.

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 428 and close the week around the levels of 432.

Support for the commodity lies in the zone of 425 to 430 where low for the month of March-2018 & April-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 taken multiple support in the month of September-2017.

Minor resistance lies in the zone of 435 to 438. Resistance for the commodity lies in the zone of 445 to 450 from where the commodity broke down from the lows of May-2018 & June-2018 and long 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 where medium term moving averages and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 415 – 420 on downside & 445 – 450 on upside.