Copper affected by stochastic positivity – Analysis – 29/7/2015

Copper price formed positive bounce during yesterday’s trading after touching 2.3000 level, to be affected by stochastic rally above 50 level, and that supports the price fluctuation within the negative level until getting new negative momentum followed by continuing the bearish attempts to reach our main target at 2.1500.

We remind you that settling within the bearish channel and below 2.7000 resistance allows us to keep expecting the bearish bias domination for the upcoming period despite the current positive rebound.

Expected trading range for today is between 2.5000 and 2.1500

Expected trend for today: Bearish