Copper price approaches the target – Analysis – 7-7-2020

Copper price continued to form correctional bullish trades to approach the main target at 2.8050 that forms extension to the bearish channel’s resistance that appears on the chart, assuring the importance of monitoring the price behavior after recording the waited target to manage to detect the next main trend.

Breaching the resistance will confirm moving into new bullish track to manage to reach 2.8700 and 3.000 levels, while the stability of the resistance will force the price to return to the bearish track and move towards the moving average 55 at 2.6350.

The expected trading range for today is between 2.7160 and 2.8050

The expected trend for today: Bullish