Copper gathers its strength – Analysis – 1-8-2017

Copper price continued to gather the positive momentum to notice forming new bullish wave and confirms keeping the bullish bias domination, reminding you that the first target is located at 2.9500 that forms 50% Fibonacci correction level, while succeeding to breach this barrier will allow the price to record more targets in the upcoming period starting from 3.100 reaching to 61.8% Fibonacci level at 3.2000.

Stochastic stability within the overbought areas reinforces the bullish attempts, to continue providing the required positive momentum to achieve the waited targets.

Expected trading range for today is between 2.8200 and 2.9500

Expected trend for today: Bullish