Copper shows intraday fluctuations – Analysis – 17-1-2017

Copper price did not succeed to breach 2.7300 resistance to fluctuate within sideways range as appears on chart, but the stability of 50% Fibonacci level around 2.5700 level allows us to keep our bullish overview until gathering the bullish momentum again, to be able to surpass the resistance and reach the next target at 2.8500.

Stochastic exit from the overbought areas forms the major factor to the current negative rebound, to increase the possibilities of gathering the bullish momentum in the near term period.

Expected trading range for today is between 2.5700 and 2.7300

Expected trend for today: Fluctuated