Copper waits for new momentum – Analysis – 2-1-2018

Copper price repeated providing sideways trading, in spite of its stability within the bullish channel levels affected by stochastic surpass to the overbought level, which confirms confirming the sideways bias domination in the current period, and the price might decline to 3.2000 level until gathering the positive momentum, which allows it to achieve more of the targets in the upcoming period that might begin at 3.4400 reaching to 3.5200 level.

You should mention that the continuation of providing negative pressure from stochastic and the price attempt to reach below 3.2000 level, so that might delay the bullish rally to provide good chance to test the initial support at 3.0800.

Expected trading range for today is between 3.2000 and 3.4400

Expected trend for today: Bullish