EquityPandit’s Outlook for Copper for the week   (Feb 18, 2019 – Feb 22, 2019) :

COPPER:

COPPER closed the week on negative note losing around 0.20%.

As we have mentioned last week, that minor support for the commodity lies around 438 to 440. Support for the commodity lies in the zone of 430 to 435 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 420 to 425 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 431 and close the week around the levels of 442.

Minor support for the commodity lies around 438 to 440. Support for the commodity lies in the zone of 430 to 435 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 420 to 425 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 448 to 452 where 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 430 – 435 on downside & 455 – 460 on upside.