EquityPandit’s Outlook for Copper for the week   (June 18, 2018 – June 22, 2018) :

COPPER:

COPPER closed the week on negative note losing around 3.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 480 to 485 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 470 to 475 from where the commodity broke out of double top pattern. During the week the commodity manages to hit a low of 473 and close the week around the levels of 474.

Support for the commodity lies in the zone of 465 to 470 from where the commodity broke out of December-2017, February-2018 and April-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 455 to 460 where short and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 480 to 485 from where the commodity has broken down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 495 to 500 where the commodity has formed a short term top.

Broad range for the commodity in the coming week can be seen between 460 – 465 on downside & 490 – 495 on upside.