Copper approaches the moving average – Analysis – 28-2-2018

Copper price provides an intraday negative rebound yesterday, to approach from the moving average 55 that represents the initial support at 3.1000, which confirms the bullish rally until gathering the bullish momentum, to confirm the importance of the bullish channel support at 3.0500, which confirms the continuation of the positivity in the upcoming period.

Stochastic contradiction by providing negative momentum, due to its stability below 50 level confirms delaying the bullish rally, to expect more of the sideways trading by the price confinement between the initial support and 3.2500 level.

Expected trading range for today is between 3.1000 and 3.2500

Expected trend for today: Fluctuated within the bullish range