Copper fluctuates below the resistance – Analysis – 8-6-2017

Copper price still suffering the lack of the negative momentum that forces it to provide tight sideways trading by consolidating around the moving average 55, but the main stability below the bearish channel's resistance around 2.6000 allows us to wait to gather the negative momentum in the near term period to repeat the negative attempts and break 2.5000 level and target 2.4300 followed by 2.3700 levels.

We should note that attempting to breach the above mentioned resistance will postpone the negative overview, attempting to build correctional bullish bias that might push the price to reach 2.6700 followed by testing the key resistance around 2.7700.

Expected trading range for today is between 2.6000 and 2.5000

Expected trend for today: Bearish