Copper fluctuates within the bullish channel – Analysis – 5-10-2017

Copper price still affected by the strong barrier formed at 3.0800 against the bullish release, but its stability within the bullish channel allows us to suggest the positive attempts for the near term and medium term period, while our expectations will depend on the stability of the main support at 2.7700 besides the moving average 55 rally around the initial support around 2.8600.

Therefore, we will return to suggest the bullish bias domination and notice stochastic positive momentum signals by rallying above 50 level, to increase the chances of surpassing the mentioned barrier followed by resuming achieving gains that start at 3.1800 followed by 3.3800.

Expected trading range for today is between 2.8600 and 3.0800

Expected trend for today: Bullish