Copper threats the positive stability – Analysis – 21-3-2018

Copper price surrendered to the negative pressures yesterday to crawl below the bullish channel’s support at 3.0700, hinting the preparation to form new negative trading, while the bearish scenario depends on the stability of the broken support to form new resistance and start targeting negative levels that start at 2.9500 followed by 2.8500.

The stability of the moving average 55 above the current price besides stochastic reach to the oversold areas form factors that agree the negative attempts, to increase the chances of gathering additional negative momentum.

Expected trading range for today is between 3.0700 and 2.8500

Expected trend for today: Bearish