Copper attempts to form bullish pattern – Analysis – 26-6-2017

Copper price repeated the positive trading above 2.5600 level that forms the extension of the initial support line, noticing reaching 2.6400 level recently, while the above chart shows that 2.6400 forms the neckline of the double bottom pattern, expecting to resume the bullish attack after breaching the mentioned level to open the way to touch the main resistance at 2.7500.

Stochastic current decline might force the price to provide intraday sideways trading until gathering the bullish momentum and manage to confirm the suggested positivity, while the stability of the moving average 55 around the initial support confirms blocking the price within the bullish range and increases the chances of breaching the current barrier to reach the main suggested target.

Expected trading range for today is between 2.6000 and 2.7500

Expected trend for today: Bullish