Copper price may have to drop – Analysis – 17-6-2020

Copper price failed to breach 2.6200 barrier to keep the sideways fluctuation below the moving average 55, while stochastic exit from the overbought areas allows us to expect forming negative rebound to react to the stability within the bearish channel and increase the chances of testing the initial support 2.4530.

On the other hand, succeeding to breach the barrier will confirm forming bullish rally to continue the attempts to record the correctional positive targets located around 2.7100 and 2.8080 to test the bearish channel’s resistance that appears on the chart.

The expected trading range for today is between 2.6200 and 2.4530

The expected trend for today: Bearish