Copper needs positive momentum – Analysis – 2-3-2018

Copper price remains under the effect of the intraday sideways range, to be affected by the negativity of the indicators, which prevents the stability within the bullish channel levels, the stability of the main support at 3.0500 supports the price readinesst o resume the positivity in the upcoming trading by gathering new bullish momentum, then begin recording several targets that begin at 3.2500 and 3.3200.

Note that the price attempt to decline below the bullish channel’s support and providing negative close, so that will cancel the positive overview, to open the way towards forming strong negative trading that might target 2.9500 level reaching 38.2% Fibonacci correction level at 2.8500.

Expected trading range for today is between 3.1000 and 3.2500

Expected trend for today: Fluctuated within the bullish range