Copper suffers the support line stability – Analysis – 7-3-2017

Copper price kept its negative stability below the main resistance at 2.7400, to get its negative momentum by the fluctuation of the moving average 55, but the stability of 2.6200 level forms an intraday obstacle against the negative trading, to expect forming an intraday sideways bias until breaking the current level, to resume recording the targets that begin at 2.5700 reaching to 2.4300 in the upcoming period.

Stochastic surpass to the oversold level opens the way towards gathering extra negative momentum that increases the chances for surpassing the current support and reaching the waited targets.

Expected trading range for today is between 2.6850 and 2.5700

Expected trend for today: bearish.