Copper price still bearish – Analysis – 22-3-2023

Copper price formed correctional bullish wave yesterday to test 4.0500 resistance and settles below it, to confirm its surrender to the domination of the previously suggested bearish bias, assuring the importance of gathering the negative momentum to manage to activate the negative attack and repeat the pressure on 3.8500 obstacle, while confirming breaking it might extend losses towards 3.7000 followed by reaching 50% Fibonacci correction level at 3.5000.

On the other hand, facing more positive pressures and rallying above the current resistance will push the price back to settle within the bullish channel, to expect targeting many positive stations and head towards 4.2200 as a first station.

The expected trading range for today is between 4.0500 and 3.8500

The expected trend for today: Bearish