Copper repeats the attempt to surpass – Analysis – 30-5-2017

Copper price provided new negative pressure on the moving average 55 attempting to resume the waited negative attack, in general, the stability of the price within the bearish channel’s levels and specially the stability of the resistance at 2.6200 confirms the continuation of the negativity in the upcoming trading, to wait for recording the waited targets at 2.4800 reaching to the support at 2.3900.

Stochastic reach to the oversold level agrees with the negative expectation by providing strong negative momentum to ease the price attempt to break the current barrier then reaching the suggested negative targets.

Expected trading range for today is between 2.5250 and 2.4300

Expected trend for today: Bearish