Despite the fluctuation of copper price since yesterday below $5.0600 level, the main stability remains within the bullish channel levels, if the main indicators kept providing positive momentum, then our previously suggested bullish scenario remains valid.
The stability of the extra support near $4.7500 confirms the confinement of the trading within the bullish track, to keep waiting for breaching the current barrier, then begin recording new gains towards $5.2000 and $5.3200.
The expected trading range for today is between $4.9100 and $5.2000
Trend forecast: Bullish
The (ETHUSD) price settled high in its last intraday trading, after reaching our last suggested target at $4,730 resistance, to take a breather to catch its breath and book profits from its previous rally, attempting to offload some of its clear overbought conditions on the relative strength indicators, gathering its positive strength that might help it to breach this resistance, amid the dominance of the main bullish trend and its trading alongside minor trend line on the short-term basis that supports this track.
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The (Brent) price rose in its last trading on the intraday basis, amid the stability of its trading above the critical support of $64.95, attempting to correct the main bearish trend on the short-term basis, amid the continuation of the negative pressure due to its trading below EMA50, reducing the chances for a sustainable recovery in the upcoming period, especially with the beginning of the negative signs appearance on the relative strength indicators, after reaching overbought levels, exaggeratedly compared to the price movement, forming negative divergence that intensifies the negative pressure around the price.
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The (silver) price declined in its last intraday trading, to gather the gains of its previous rises, attempting to offload its overbought conditions on the relative strength indicators, with the emergence of bearish signals from them, gathering its bullish strength that might help it to recover and rise again, amid the continuation of the dynamic pressure that is represented by its trading above EMA50, and under the dominance of the main bullish trend on the short-term basis and its trading alongside main and minor trendlines.
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