Copper achieves the negative target– Analysis – 22-3-2017

Copper price’s trading extended to the downside strongly yesterday to end recording the negative target at 2.5700 facing 50 % Fibonacci correction level, we should take into consideration the strength of this level to expect forming sideways fluctuation in the near period until achieving the required break then resuming the negativity by reaching the bearish channel’s support at 2.4850 for today.

In general, the negative suggestion will remain valid if the price settled within the bearish channel’s levels, especially the stability of the resistance at 2.660, also the stability of the moving average 55 above the price trading will increase the chances for achieving the break to confirm the continuation of the negativity in the upcoming period.

Expected trading range for today is between 2.6200 and 2.500

Expected trend for today: bearish