Copper price settles below the resistance – Analysis – 14-8-2019

2019-08-14 09:22:51 GMT (Economies.com)
 

Copper price repeated its consolidation below 2.6200 resistance to increase the chances of resuming the waited negative attack, while the price needs to get new negative momentum to get rid of the dominant sideways track and start targeting the major levels represented by 2.5500 and 2.4660.

 

We should note that attempting to rally above the current resistance will confirm the preparation to regain the bullish bias by fluctuating within the bullish channel, followed by expecting to rally towards 2.6800 then reaching 61.8% Fibonacci correction level at 2.7900.

 

The expected trading range for today is between 2.6200 and 2.5500

 

The expected trend for today: Bearish

 
 
 
  Symbol Last Change Chg.%
1.1120
0.0058
0.5266%
1.3333
0.0196
1.4885%
Tadawul
8005.77
-127.95
1.57%
16.940
0.368
2.221%
59.797
0.686
1.161%
64.95
0.75
1.17%
1475.445
15.600
1.069%
 
 
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