Copper needs new momentum – Analysis – 7-4-2017

Copper price lost its positive momentum due to stochastic decline below 50 level, forcing the price to provide intraday negative trading as appears on chart, but the price stability above 2.5700 key support confirms our bullish overview for the upcoming period, to keep waiting to gather new bullish momentum followed by extending trading towards 2.8000 that forms the first positive station for the bullish bias.

Note that the price attempt to decline below the moving average 55 might increase the negative pressure on the current trading and allow it to test the key support before recording any of the waited targets.

Expected trading range for today is between 2.5700 and 2.8000

Expected trend for today: Bullish