Copper settles below the resistance – Analysis – 17-4-2017

Copper price provided new negative trading below the critical resistance at 2.5800 level, to announce its affection by the bearish bias domination in the upcoming trading, the intraday sideways trading caused by stochastic rally to 50 level, to attempt to find new chances against gathering negative momentum, then wait to reach 2.5000, which forms the first negative target, and the continuation of the negative pressure makes us expect targeting 50% Fibonacci correction level at 2.4300.

Notice that the moving average 55 stability near the current resistance confirms the price confinement within the bearish range, while the price attempt to breach this resistance will cancel the negative overview, to return to build bullish attack, targeting several positive levels that begin at 2.7000 reaching to 2.9500.

Expected trading range for today is between 2.5800 and 2.5000

Expected trend for today: bearish.