Copper price needs to breach the barrier – Analysis – 16-7-2019

Copper price trades extended towards 2.7230 to settle below the moving average 55 that forms major barrier against the bullish attack at 2.7400, while we need to breach this barrier to confirm the continuation of the positivity that targets 2.7800 followed by 2.8500.

The factor that agree the positive stability is the price consolidation within the bullish channel, to depend on the stability of 2.6400 support line, besides stochastic continuous positive momentum signals by reaching the overbought areas.

The expected trading range for today is between 2.6650 and 2.7800

The expected trend for today: Bullish