Copper price confirms changing the main track– Analysis – 5-8-2019

Copper price confirmed changing the main track by providing a new negative close below the broken bullish channel’s support, reinforcing the bearish bias domination in the upcoming trading, the repeated stability below 2.6200 level makes us prefer more of the downside moves and surpassing 2.5500 level, then reaching to the next negative target at 2.4660, to press on 38.2% Fibonacci correction level.

Stochastic sharp decline and its fluctuation within the oversold level supports our negative expectation by providing a strong negative momentum, to ease the attempt of reaching the mentioned next negative target.

The expected trading range for today is between 2.5940 and 2.4660

The expected trend for today: Bearish