Copper awaits additional momentum – Analysis – 3-8-2017

Copper price continued to provide weak sideways trading due to the lack of the bullish momentum to remain stable around 2.9000 level, while the stability within the bullish track allows us to wait to gather the bullish momentum to resume the positive attempts and breach 2.9500 level followed by reaching the next target at 3.1000.

Stochastic exit from the overbought areas forms the main factor that causes the current sideways trading, providing good chance to gather the required momentum and reach our targets.

Expected trading range for today is between 2.7750 and 2.9500

Expected trend for today: Bullish