Copper resumes the decline – Analysis – 8-3-2017

Copper price succeeded to surpass 2.6250 level, which formed an obstacle against the negative attempt to approach currently from the initial target at 2.5700, we expect the continuation of the negative pressure by providing new bearish trading to reach 2.5000, to attempt to test 38.2%Fibonacci correction level by leaning at 2.4300.

Stochastic stability near 20 level increases the chances for gathering negative momentum, which supports the negative suggestion until reaching the suggested targets.

Expected trading range for today is between 2.6250 and 2.5000

Expected trend for today: bearish.