EquityPandit’s Outlook for Copper for the week   (Feb 4, 2019 – Feb 8, 2019) :

COPPER:

COPPER closed the week on positive note gaining around 2.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 425 to 430 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 435 to 440 where Fibonacci levels and long term moving averages are lying. During the week the commodity manages to hit a high of 440 and close the week around the levels of 439.

Support for the commodity lies in the zone of 425 to 430 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 415 to 420 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 435 to 440 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 448 to 452 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 425 – 430 on downside & 450 – 455 on upside.