EquityPandit’s Outlook for Copper for the week   (June 25, 2018 – June 29, 2018) :

COPPER:

COPPER closed the week on negative note losing around 4.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 452 and close the week around the levels of 455.

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 440 – 445 on downside & 470 – 475 on upside.