Copper price threatens the support – Analysis – 8-9-2020

Copper price faced negative pressures due to stochastic reach below 50 level, to notice providing new pressure on the bullish channel’s support near 2.2800, we recommend monitoring the price behavior and wait for the next close to confirm the main trend in the upcoming period.

 The trading stability above the current support will confirm the continuation of the bullish attempts, which might target 4.4200 level initially, while its surrender to the negative pressures and its reach below the support might force it to form strong negative trading to suffer several losses by reaching 4.1200 and 4.8800.

The expected trading range for today is between 4.3300 and 4.2500

The expected trend for today: Neutral until confirming the trend