Copper price loses momentum – Analysis – 11-1-2021

Copper price lost its positive momentum after touching 3.7340, to notice forming correctional bearish rebound and suffer some losses by reaching 3.6100, reminding you that the bullish scenario will remain valid as long as the minor bullish channel’s support line remains intact at 3.6100, to increase the chances of renewing the bullish attempts and target 3.790 initially.

On the other hand, facing continuous negative pressure and crawling below the current support will force the price to form strong negative trades, to expect moving towards 3.4000 followed by reaching the moving average 55 at 3.2400.

The expected trading range for today is between 3.5530 and 3.7000

The expected trend for today: Fluctuated within the bullish track