No change on copper price track despite providing sideways trading and its stability near $5.0200, due to its main stability within the bullish channel’s levels and the continuation of forming extra support at $4.7500 level as appears in the above image.
Therefore, we will keep waiting for gathering positive momentum to provide chance that confirms surpassing the current barrier at $5.0600, to extend the trading towards the main stations near $5.2000 and $5.3200.
The expected trading range for today is between $48800 and $5.2000
Trend forecast: Bullish
The (ETHUSD) price declined in its last intraday trading, affected by reaching the resistance of EMA50, which affected negative and forced to decline, especially with the emergence of the negative signals on the relative strength indicators, after forming negative divergence after reaching exaggerated overbought levels compared to the price moves, under the dominance of bearish wave on the short-term basis.
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The (Brent) price witnessed fluctuated trading on its last intraday trading, amid the dominance of the main bearish trend on the short-term basis and its trading alongside steep bearish trendline that supports this track, with the continuation of the negative pressure due to its trading below EMA50, reducing the chances of the price’s recover on the near-term basis, besides the emergence of the negative signals on the relative strength indicators, after offloading its oversold conditions, opening the way for recording more of the losses in the upcoming period.
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The (silver) price extended its gains in its last trading on the intraday levels, after breaching $52.50 resistance, this resistance represents our expected target in our previous analysis, supported by its continuous trading above EMA50, reinforcing the stability of the main bullish trend on the short-term basis and its trading alongside minor trend line on the short-term basis, besides the emerging of the positive signals on the relative strength indicators, despite reaching overbought levels, indicating the dominance of the buying powers.
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