Copper price begins to decline – Analysis – 17-10-2019

Copper price confirmed its affection by the bearish bias domination, to move away from the bearish channel’s resistance at 2.62000 approaching from the initial negative target at 2.5500 level.

Note that the stability of the moving average 55 near the main resistance will confirm the trading confinement within the negative range, and stochastic reach below 50 level will ease the attempt of gathering a new negative momentum, which allows it to target more of the negative levels that begin 2.5050 and 2.45060.

The expected trading range for today is between 2.6000 and 2.5050

The expected trend for today: Bearish