Despite forming bearish correction waves by copper price and its fluctuation near $4.5400, but it couldn’t affect its main bullish trend due to its stability above the moving average 55, reinforcing the stability of the extra support at $4.2600.
Stochastic rally above 50 level reinforces the chances of gathering the required extra positive momentum, which allows it to surpass $4.6200 level, and reach the next target at $4.7500 level.
The expected trading range for today is between $4.5000 and $4.7500
Trend forecast: Bullish
The (ETHUSD) price rose in its last trading on the intraday levels, taking advantage of the dynamic support that is represented by its trading above EMA50, under the dominance of the main bullish trend on the short-term basis and its trading alongside supportive trendline, besides the emerging of the positive signals on the relative strength indicators, besides reaching overbought levels, which might reduce the gains temporarily in the upcoming period.
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The (Brent) price rose in its last intraday trading, after a decline journey of looking for rising low to create a base to rally higher again, amid the continuation of the positive pressure that comes from its trading above EMA50, and under the dominance of the bullish correction trend on the short-term basis and its trading alongside supportive trendline for this track, besides the relative strength indicators’ reach to sever oversold levels compared to the price movement, which suggest easing the bearish momentum.
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The (silver) price declined in its last trading on the intraday levels, due to its break to a bullish trend line on the short-term basis, and surpassing the support of its EMA50, which intensified the negative pressure on its last trading, reducing the chances of its recovery in the near term basis, especially with the emergence of negative overlapping signals on the relative strength indicators, after the price success in offloading its oversold levels, opening the way for recording more of the losses in the upcoming period.
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