Copper needs new momentum – Analysis – 19-10-2017

Copper price continued to provide weak sideways trading due to lacking the positive momentum, noticing the stability around 3.1700, while the price might move to test the initial support at 3.0800, waiting to gather the bullish momentum again to manage to resume the bullish attack by moving towards 3.3200 followed by reaching the bullish channel's resistance around 3.4200.

We should note that the continuation of the negative pressures caused by stochastic decline from the overbought areas and attempt to break the initial support will postpone the bullish overview until testing 50% Fibonacci correction level around 2.8600.

Expected trading range for today is between 3.0800 and 3.3200

Expected trend for today: Fluctuated within the bullish range