EquityPandit’s Outlook for Copper for the week   (Oct 22, 2018 – Oct 26, 2018) :

COPPER:

COPPER closed the week on negative note losing around 1.40%.

As we have mentioned last week, that support for the commodity lies in the zone of 445 to 450 where Fibonacci levels 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 short & long term moving averages are lying. During the week the commodity manages to hit a low of 446 and close the week around the levels of 453.

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

Resistance for the commodity lies in the zone of 460 to 465 where Fibonacci levels 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 440 – 445 on downside & 465 – 470 on upside.