Copper confined between the negative range – Analysis – 27-12-2016

Copper price provided new bearish trading to approach from the target at 2.4200, which forms a good barrier by forming 38.2% Fibonacci correction level, until breaking this level we expect its affection by the domination of the sideways trading, confined between the current support and 2.5700 level, which allows it gather new negative momentum.

Note that the price success to achieve the required break will open the way towards recording more of the negative targets, which will extend to the moving average 55 at 2.3500 reaching to 2.2200 level in the upcoming period.

Expected trading range for today is between 2.4200 and 2.5700.

Expected trend for today: Sideways