Copper gains new momentum – Analysis – 24-3-2017

Copper price kept its negative stability within the bearish channel to keep depending on the stability of 2.6600 resistance, while the price consolidation below the moving average 55 assist to increase the negative pressure, allowing us to wait to renew the negative pressure on 2.5700 barrier until achieving the required break followed by reaching the next target at 2.500.

Stochastic exit from the overbought areas confirms the release from the positive pressures and opens the way to gather additional negative momentum to ease the attempt of breaking the above mentioned barrier and resume recording the negative targets.

Expected trading range for today is between 2.6200 and 2.5000

Expected trend for today: Bearish