EquityPandit’s Outlook for Copper for the week   (Mar 05, 2019 – Mar 08, 2019) :

COPPER:

COPPER closed the week on positive note gaining around 0.10%.

As we have mentioned last week, that minor support for the commodity lies around 458 to 460. Support for the commodity lies in the zone of 450 to 455 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 440 to 445 where Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a low of 459 and close the week around the levels of 463.

Minor support for the commodity lies around 458 to 460. Support for the commodity lies in the zone of 450 to 455 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 440 to 445 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 465 to 470 where Fibonacci levels and high for the month of October-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 475 to 480.

Broad range for the commodity in the coming week can be seen between 445 – 450 on downside & 475 – 480 on upside.