Copper price needs positive momentum – Analysis – 10-6-2019

Copper price continued to fluctuate above the bullish channel’s support line 2.6200 without recording any new target, due to the lack of the positive momentum, while confirming the bullish scenario requires the stability above the current support, waiting to gather new positive momentum to assist to form bullish trades and reach 2.7200 followed by 2.7800 on the medium term basis.

We should note that attempting to crawl below the current support and getting negative close will hint the price preparation to change the main trend to the negativity, to suffer many losses by declining towards 2.5400 and 2.4600 levels.

The expected trading range for today is between 2.6300 and 2.7200

The expected trend for today: Bullish