Copper keeps the negativity – Analysis – 21-4-2017

Copper price provided intraday positive rebound by reaching 2.5500 level, to keep its negative stability below 2.6000 resistance, thus, the bearish overview will remain valid for the near term and medium term trading, waiting to move towards 50% Fibonacci correction level around 2.4300 that forms the next target of the bearish bias.

The stability of the moving average 55 above the current price confirms blocking the price within the bearish range, also, stochastic negativity that moves below 50 level increases the chances of gathering the negative momentum to resume recording the negative targets.

Expected trading range for today is between 2.5500 and 2.4300

Expected trend for today: Bearish