Copper awaits additional momentum – Analysis – 23-12-2016

Copper price was affected by some sideways trading due to the lack of the negative momentum, to settle around 2.5000 and keep the consolidation below 2.5700 resistance, thus, the main overview will remain bearish until gathering the required momentum followed by reaching 2.4200, to test 38.2% Fibonacci correction level.

Stochastic exit from the oversold areas increases the chances of gathering the required momentum in the near term period, noticing that this is the main reason of the current sideways fluctuation.

Expected trading range for today is between 2.2550 and 2.4200

Expected trend for today: Bearish