Copper suffers the support line stability – Analysis – 21-3-2017

Copper price ended its bullish rally yesterday by recording 2.6770 level and bounces negatively starting from this level to form a new bearish channel as appears in the above image, the moving average 55 provides extra negative pressure by its fluctuation above the current trading, which makes us prefer the domination of the negativity by its fluctuation above the current trading, which makes us prefer the dominant negativity until achieving the negative targets that located at 2.5700 and 2.5000.

Stochastic attraction to the oversold level forms the main factor for the price decline, to attempt to provide new negative momentum that confirms the domination of the negativity, to provides negative strength to the price to record the suggested targets.

Expected trading range for today is between 2.660 and 2.5700

Expected trend for today: bearish.