EquityPandit’s Outlook for Copper for the week   (Nov 19, 2018 – Nov 23, 2018) :

COPPER:

COPPER closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 426 and close the week around the levels of 442.

Minor support for the commodity lies in the zone of 435 to 438. 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 445 to 450 from where the commodity broke down after consolidation and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 455 to 460 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 425 – 430 on downside & 455 – 460 on upside.