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Copper price keeps the negative stability – Analysis – 1-5-2023
Copper price continued to resist stochastic positivity by providing frequent negative closings below 4.0200 additional barrier, to increase the chances of resuming the negative attack, noticing the consolidation near 3.8500 level now.
We expect to gather the additional negative momentum to reach the negative target at 3.7000, while breaking this level will extend the negative trades towards the additional stations that might start at 3.5800 followed by reaching 50% Fibonacci correction level at 3.5000.
The expected trading range for today is between 3.9000 and 3.7000
The expected trend for today: Bearish
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