Despite the weakness of copper price’s last trading, its stability above the moving average 55 and its stability within the bullish channel’s levels support the chances of activating the suggested bullish attack.
The stability of the extra support at $4,2600 is important for the continuation of providing positive momentum by stochastic, which will motivate surpassing $4.6200 obstacle, to extend the trading towards the next target near $4.7500, reaching $4.9500 in the medium period trading.
The expected trading range for today is between $4.5000 and $4.7500
Trend forecast: Bullish
The (ETHUSD) price declined in its last intraday trading, amid the continuation of the negative pressure due to its trading below EMA50, with the emergence of the negative signals on the relative strength indicators, breaking the main bullish trend line on the short-term basis, intensifying the negative pressures on its upcoming moves, increasing the chances of deepening its losses on the near-term basis.
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The (Brent) price rose in its last intraday trading, in an attempt to recover some previous losses, and attempts to offload its clear oversold conditions on the relative strength indicators, especially with the emergence of the positive signals from there, amid the dominance of the main bearish trend on the short-term basis, with the continuation of the negative pressure that comes from its trading below EMA50, intensifying the negative pressure around the price, and reduces the chances of its recovery on the near-term basis.
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The (silver) price surged in its last intraday trading, breaching the critical resistance level of $42.90, which represents our suggested target in our previous forecast, supported by its continuous trading above EMA50 and under full dominance for the main bullish trend on the short-term trading, and its trading alongside supportive trendline for this track, on the other hand, we notice the emergence of negative overlapping signals on the relative strength indicators, after reaching overbought levels, which might reduce the upcoming gains.
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