Copper resists the negative pressures – Analysis – 16-8-2017

Copper price continued to resistance the negative pressures provided by stochastic consolidation around 20 level, to notice its hold above 2.8700 level that forms the initial support until this moment, while we expect forming sideways trading until surpassing 2.9500 resistance followed by resuming its bullish attack by achieving 3.100 followed by 3.2500 levels.

We remind you that any attempt to break the current support will put the price under the effect of the correctional bearish bias to be forced to suffer some losses until reaching the bullish channel’s support around 2.7200.

Expected trading range for today is between 2.8700 and 2.9500

Expected trend for today: Fluctuated within the bullish range