Copper price looks for a new momentum – Analysis – 8-8-2019

Copper price failed to record any new negative target, due to its neediness to the negative momentum, to notice the price attempt to rally towards testing the resistance at 2.6200 level, and the stability of this resistance against the bullish correctional trading is important, to confirm the price attempt to gather the negative momentum again, then begin recording the targets at 2.4660 and 2.2700.

Stochastic surpass to the oversold level forms a main factor to delay the negative attack, to increase the chances for testing the resistance until it succeed to gather a new negative momentum as we waited previously.

The expected trading range for today is between 2.6200 and 2.5000

The expected trend for today: Bearish