EquityPandit’s Outlook for Copper for the week   (Jan 07, 2019 – Jan 11, 2019) :

COPPER:

COPPER closed the week on negative note losing around 1.90%.

As we have mentioned last week, that support for the commodity lies in the zone of 410 to 415 where low for the month of Sepetmber-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 400 to 405 where long term Fibonacci levels and low for the month of August-2018 is lying. During the week the commodity manages to hit a low of 397 and close the week around the levels of 410.

Support for the commodity lies in the zone of 395 to 400 where low for the month of August-2018 and long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 375 to 380 where long term Fibonacci level is lying.

Resistance for the commodity lies in the zone of 415 to 420 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 425 to 430 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 385 – 390 on downside & 425 – 430 on upside.