Copper price holds above the initial support – Analysis – 12-10-2018

Copper price approached the first target yesterday at 2.7000, forming the initial support against the bearish attempts, while the stability of this support line led to form new positive rebound, to confirm postponing the negative attack and confine trades between the current support and 38.2% Fibonacci correction level at 2.8500.

The price needs for new negative momentum to attempt to renew the correctional bearish attack that targets 2.6200 level mainly, while surpassing the main resistance at 2.8900 will confirm moving into new bullish track, to increase the chances of targeting positive levels that start at 2.9500 and 3.0500.

Expected trading range for today is between 2.8500 and 2.7000

Expected trend for today: Fluctuated