Copper needs to confirm the trend – Analysis – 22-3-2018

Copper price provided additional sideways trades, but its recent fluctuation below the bullish channel’s support increases the chances of changing the main trend for the upcoming period, while we recommend to wait new four hours’ close to avoid any change to the trend, noting that the consolidation below 3.000 will confirm the domination of the bearish bias and expect to move towards 2.8500.

On the other hand, attempting to regain the bullish bias will require positive close above the moving average 55 at 3.1200, to open the way to target new positive levels that might start at 3.3200.

Expected trading range for today is between 3.1200 and 2.8500

Expected trend for today: Bearish