Copper approaches from the barrier – Analysis – 11-10-2017

Copper price succeeded to approach from 3.0800 barrier that forms obstacle against the positive release, while we will keep waiting to breach this level to resume recording gains that start at 3.1800 followed by reaching the bullish channel's resistance at 3.4000.

Stochastic consolidation within the overbought areas until this moment assists to increase the positive pressure to increase the chances of achieving the required breach in the near term period, reminding you that failing to achieve the breach will force the price to provide new sideways trading with chances of declining towards the moving average 55 at 2.8800.

Expected trading range for today is between 2.9600 and 3.1800

Expected trend for today: Bullish