Copper price continues to postpone the bullish rally – Analysis – 18-11-2022

Copper price confirmed postponing the bullish rally by facing frequent negative pressures to settle below 3.7000 level, expecting to move towards the moving average 55 soon at 3.5900 followed by attempting to gather the positive momentum again in order to renew the bullish attempts and repeat the pressure on 3.8500 barrier.

Therefore, we will suggest the bearish bias temporarily, noting that attempting to crawl below the moving average 55 might force the price to suffer additional losses by attempting to reach 50% Fibonacci correction level at 3.5000.

The expected trading range for today is between 3.7500 and 3.5900

The expected trend for today: Bearish temporarily