Copper awaits additional momentum – Analysis – 18-1-2017

Copper price repeated its fluctuation yesterday affected by stochastic decline towards 20 level, but the stability of 2.5700 support forms main factor to suggest the bullish attempts for the upcoming period, thus, we will keep waiting to gather new positive momentum and repeat the pressure on 2.7300 barrier followed by waiting to surpass this level to extend trading towards more targets that start at 2.8500.

Note that attempting to decline below the current support will postpone the bullish overview and move to form intraday bearish bias to test the moving average 55 around 2.4300.

Expected trading range for today is between 2.5700 and 2.7300

Expected trend for today: Bullish