Copper suffers the support line stability – Analysis 10-3-2017

Copper price confirmed the domination of the bearish bias by providing clear negative close below 2.5700, which forms 50 % Fibonacci correction level, to confirm the continuation of the negativity in the upcoming period, we expect renewing the negative attack to target 2.500 level reaching 38.2% Fibonacci correction level at 2.4300.

Stochastic rally above 50 level might decelerate the negative attempts in the current period, which forces the price to provide an intraday sideways bias until gaining the negative momentum then begin to record the suggested targets.

Expected trading range for today is between 2.650 and 2.5000

Expected trend for today: bearish.