|
Platinum price seeks the negative momentum – Analysis – 12-10-2023
Platinum price was affected by the continuous contradiction between stochastic positivity against the main stability within the bearish channel, to force it to postpone the negative attack and resuming forming correctional bullish rebound, to settle near 895.00.
Note that the consolidation of the MA55 near the bearish channel’s resistance at 935.00 and 920.00 level attempt to form additional barrier allow us to wait to gather the additional negative momentum, to ease the mission of renewing the negative attempts that might target the additional support 855.00 first, while breaking it might extend losses towards 820.00 and 765.00.
The expected trading range for today is between 905.00 and 850.00
The expected trend for today: Bearish
No news for copper price – Analysis – 12-10-2023
Copper price didn’t move until this morning, to notice its frequent fluctuation within sideways track near 3.6200, while the main stability below 3.8500 and the continuous negative momentum coming by the major indicators allow us to keep the bearish overview, to expect attacking 50% Fibonacci correction level soon at 3.5000, while breaking it might extend losses towards 3.3700 and 3.1400 direct.
The expected trading range for today is between 3.7000 and 3.5000
The expected trend for today: Bearish
Sugar price under the negative pressure – Analysis - 12-10-2023
Sugar price faced strong negative pressure yesterday to break 26.74 level and reach the thresholds of the key support 26.08, to hint potential return to the correctional bearish track, noting that breaking the mentioned support will push the price to 25.54 as a next negative target.
Therefore, the bearish bias will be suggested in the upcoming sessions unless the price rallied to breach 26.74 and hold above it again.
The expected trading range for today is between 25.70 support and 26.60 resistance
The expected trend for today: Bearish
Soybean price tests the support – Analysis - 12-10-2023
Soybean price declines again to test the key support 1266.30, and we believe that the chances valid to break this level and open the way to extend the bearish wave towards 1245.00 areas on the near-term basis.
Therefore, we will continue to suggest the bearish trend for the upcoming period, supported by the EMA50 that presses negatively on the price, noting that holding below 1284.50 represents key condition to continue the expected decline.
The expected trading range for today is between 1250.00 support and 1285.00 resistance.
The expected trend for today: Bearish