Copper begins to build bullish bias – Analysis – 22-6-2017

Copper price settled clearly above the sideways range’s support at 2.5300 level, to begin forming a bullish rally that allows it to surpass the resistance at 2.5730 to get rid of the sideways bias domination, which makes us prefer the bullish attempts that target 2.6500 level, to extend the main resistance at 2.7500.

The stability of the moving average 55 below the current trading reinforce our positive suggestion by the price confinement above 2.5730 level that forms new support level against the bullish attempts, besides stochastic surpass to the overbought level that increases the chances for gathering extra positive momentum in the near period, which assists to confirm reaching the suggested targets.

Expected trading range for today is between 2.2730 and 2.6500

Expected trend for today: Bullish.