No news for copper price, to keep providing sideways trading, due to the continuation of the contradiction between the main indicators and the stability below $5.0600 barrier, to increase the chances of forming corrective trading in the near-term period.
Stochastic attempt to provide negative momentum by its exit from the overbought level that might force the price to attack the extra support at $4.7500, while achieving this breach will open the way for achieving extra gains that might begin at $5.2000.
The expected trading range for today is between $4.7500 and $5.0600
Trend forecast: Fluctuated within the bullish track
The (ETHUSD) price declined in its last intraday trading, affected by the negative technical formation on the short-term basis (the rising wedge pattern), with the continuation of the negative pressure due to its trading below EMA50, which reduces the recovery chances on the near-term basis, amid the negative signals’ emergence on the relative strength indicators, after offloading its oversold conditions, opening the way for recording more of the downside moves in the upcoming period.
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The (Brent) price rose high during its last intraday levels, supported by the emergence of the positive signals on the relative strength indicators, after offloading its overbought conditions, providing it bullish momentum to achieve more gains, to reach main bearish trendline on the short-term basis, accompanied by hitting the resistance of EMA50.
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The (silver) price rose in its last trading on the intraday basis, after reaching our expected target at $47.80 support, gaining some bullish momentum that helped it to achieve these gains, to recover some of its previous losses, and offloading some of its clear oversold conditions on the relative strength indicators, especially with the beginning of the positive signals’ emergence.
Despite the last rise, the price remains surrounded by negative pressure, first: its trading below EMA5, which reduces the chances of its sustainable recovery on the near-term basis, besides its affection by breaking minor bullish trend line on the short-term basis.
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