Copper prepares to decline – Analysis – 27-4-2017

Copper price provided new negative close below the main resistance at 2.6150, affected by the negativity of the moving average 55, to support the negative stability for the upcoming trading, while we notice from the above chart stochastic attempt to exit the overbought areas, hinting getting rid of the positive pressures and start gathering new momentum for the near term period.

These factors allow us to suggest the negative attempts by preparing to form negative attack, reminding you that it is important to break 2.4300 level that forms 50% Fibonacci correction level, to move towards the next main target at 2.3000.

Expected trading range for today is between 2.6150 and 2.4300

Expected trend for today: Bearish