Copper price gained new negative momentum to keep its stability within the bearish channel levels, to notice its attempt to surpass the moving average 55 that forms good obstacle at 2.550, we expect resuming the negative attack by the continuation of the negative pressure to target 2.4800 level initially, then attempts to reach the bearish channel’s support at 2.3750.
Stochastic surpass to the overbought level confirms surpassing the positive pressures, which provides new chance for gathering extra negative momentum that confirms the continuation of the negativity in the upcoming trading.
Expected trading range for today is between 2.6000 and 2.4800
Expected trend for today: Bearish