Copper pushes on the moving average – Analysis – 29-5-2017

Copper price managed to gather additional negative momentum recently to provide clear negative pressure on the moving average 55 that formed good obstacle against the negative attempts by consolidating around 2.5500, while the continuation of the negative pressure allows us to continue suggesting the negative domination and wait to start recording the targets that start at 2.4800 and extend to 2.4000 to touch the bearish channel's support.

The stability of the bearish channel's resistance at 2.6200 forms the main factor to confirm the negative attempts, also, stochastic approach from the oversold areas reinforces the negative pressure by providing additional negative momentum to ease the attempt to achieve our expected targets.

Expected trading range for today is between 2.6000 and 2.4800

Expected trend for today: Bearish