Copper price postpones the decline – Analysis – 30-5-2023

Copper price was affected by the stability of the historical support 3.5500, to force it to postpone the negative attack and form some correctional bullish waves to test the first additional barrier at 3.7000 and hold below it.

We expect the continuation of the fluctuation within tight range, affected by the contradiction between the major indicators, waiting to surpass one of the mentioned barriers to manage to detect the next trend, as breaking the current support will open the way to resume the decline and target 3.4300 as a next station, while surpassing 3.7200 resistance will confirm its affection by the domination of the correctional bullish bias, to expect moving towards 3.8500 direct.

The expected trading range for today is between 3.7200 and 3.5500

The expected trend for today: Sideways