EquityPandit’s Outlook for Copper for the week   (July 30, 2018 – Aug 03, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 425 to 430 from where the commodity broke down from the lows of March-2018 & April-2018 and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 445 to 450 where short; medium and long term moving averages are lying. During the week the commodity manages to hit a high of 433 and close the week around the levels of 426.

Support for the commodity lies in the zone of 415 to 418 where the commodity has taken multiple support in the month of September-2017. If the commodity manages to close below these levels then the commodity can witness a major break down and it can drift to the levels of 400 to 405.

Resistance for the commodity lies in the zone of 425 to 430 from where the commodity broke down from the lows of March-2018 & April-2018 and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 445 to 450 where short; medium and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 405 – 410 on downside & 440 – 445 on upside.