Copper price is forced to decline – Analysis – 16-11-2022

Copper price failed to gain the additional positive momentum, which pushed it to postpone the bullish rally by crawling below 3.9200 level, to suffer some losses by reaching 3.7500, expecting to continue fluctuating negatively with changes of testing the moving average 55 at 3.6100.

On the other hand, gathering the positive momentum and consolidating above 3.7500 will assist to activate the bullish track, to expect forming strong positive waves in order to reach 3.9000 followed by attempting to press on 4.0500 barrier, which formed the next target of the bullish trades.

The expected trading range for today is between 3.7000 and 3.9200

The expected trend for today: Bullish