Copper suffers the support line stability – Analysis – 23-3-2017

Copper price affected by the strength of the support at 2.5700 to form an obstacle against the negative attack, which forces it to form an intraday rebound to keep its stability below the bearish channel’s resistance at 2.660 for today, therefore, we will keep waiting for gathering new negative momentum, which renew the pressure on the current support, reminding you that achieving this break will open the way towards recording more of the negative targets that begin at 2.5000.

Stochastic reach to the overbought level assists the price to surpass the positive pressures, opening the way towards gathering the required negative momentum to achieve the suggested target.

Expected trading range for today is between 2.6200 and 2.5000

Expected trend for today: bearish.