EquityPandit’s Outlook for Copper for the week   (Oct 29, 2018 – Nov 02, 2018) :

COPPER:

COPPER closed the week on negative note losing around 1.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 460 and close the week around the levels of 445.

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.

Minor resistance for the commodity lies in the zone of 450 to 455. 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 430 – 435 on downside & 460 – 465 on upside.