EquityPandit’s Outlook for Copper for the week   (Nov 12, 2018 – Nov 16, 2018) :

COPPER:

COPPER closed the week on negative note losing around 4.40%.

As we have mentioned last week, that support for the commodity lies in the zone of 440 to 445 where Fibonacci levels and short & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 430 to 435 from where the commodity broke out of August-2018 high and Fibonacci levels are lying. During the week the commodity manages to hit a low of 430 and close the week around the levels of 431.

Support for the commodity lies in the zone of 425 to 430 from where the commodity broke out of August-2018 high 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 Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 435 to 440 where Fibonacci levels 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 445 to 450 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 410 – 415 on downside & 445 – 450 on upside.