Copper awaits the breach – Analysis – 10-8-2017

Copper price still stable below 2.9500 level to continue forming obstacle against resuming the bullish attack as appears on chart, while we notice the price consolidation on 50% Fibonacci correction level for the decline from 3.7800 to 1.9340 at 2.8600 to confirm keeping the bullish attempts, waiting to achieve the required breach followed by recording more targets that start at 3.1000 followed by 3.2500.

Also, the price stability within the bullish channel supports the bullish overview, to notice the consolidation of the moving average 55 around the main support at 2.6500 to increase the positive pressures on the upcoming trading.

Expected trading range for today is between 2.8700 and 3.1000

Expected trend for today: Bullish