Copper price affected by strong negativity – Analysis – 8-10-2018

The major indicators’ effect continued to provide the negative pressures, which led Copper price to crawl below the moving average 55, achieving 2.7500 level, noticing that 38.2% Fibonacci correction level formed additional resistance at 2.7920, to increase the effect of the bearish bias domination to start suggesting the bearish attempts to target 2.7000 followed by 2.6200 in the upcoming period.

Stochastic attempt to move towards 20 level will reinforce the negative pressures to pave the way to resume the correction bearish and increase the chances of achieving the mentioned targets.

Expected trading range for today is between 2.7920 and 2.7000

Expected trend for today: Bearish