Copper is confined in tight range – Analysis – 11-8-2017

Copper price failed to breach the barrier at 2.9500, providing intraday negative rebound to settle near 80% Fibonacci level that forms an initial support at 2.8700, we expect the price confinement in the current period between the mentioned levels, to keep providing sideways trading until providing new signal that supports detecting the main targets in the upcoming period.

Note that breaking the current support will force it to provide bearish correctional trading to reach 2.7200 level, while achieving the waited breach will reinforce the positive domination, opening the way towards recording more of the gains that begin at 3.1000.

Expected trading range for today is between 2.8700 and 2.9500

Expected trend for today: sideways.