Copper settles negatively – Analysis – 6-3-2017

Copper price affected by the moving average 55 negativity, to move away from the resistance at 2.7500 for today, to confirm the continuation of the negative attempts in the near and medium period, therefore, we will keep waiting until surpassing the obstacle at 2.6500, opening the way towards recording more of the negative targets, which might extend to 2.5700 first reaching to 2.4300 level in the upcoming period.

The intraday sideways trading caused by stochastic rally above 50 level opens the way towards gathering new negative momentum by its fluctuation within the negative range, which increases the possibility for reaching the targets in the near period.

Expected trading range for today is between 2.7000 and 2.5700

Expected trend for today: bearish.