Copper looks for new momentum – Analysis – 28-3-2017

Copper price lost its negative momentum to be affected by positive pressure comes from stochastic rally to the overbought level, to reach the moving average 55 that located below the bearish channel’s resistance, therefore, we will remain depending on the stability of 2.6300 level, to wait until gathering new negative momentum that allows it to record the negative targets by surpassing 2.5700 reaching to 2.5000 level in the near and medium period.

We should mention that the price attempt to provide positive close above the mentioned resistance will cancel the negative overview, which forces it to form bullish attack to begin targeting several levels by reaching 2.6800 and 2.8000.

Expected trading range for today is between 2.6300 and 2.5000

Expected trend for today: bearish.