Copper price seeks new momentum – Analysis – 16-10-2018

Copper price repeated providing mixed sideways trading within the bullish channel’s levels, affected by the negativity of the main indicators, we expect that the trading will be confined between the initial support at 2.7000 and 38.2% Fibonacci correction level by its stability near 2.8500 until gathering the positive momentum.

Note that the price success to surpass the initial barrier will increase the chances for attacking the bullish channel’s resistance at 2.9000, and surpassing this resistance will confirm its readiness to build a new bullish bias, attempting to achieve more of the positive targets in the upcoming period.

Expected trading range for today is between 2.7200 and 2.8500

Expected trend for today: Fluctuated within the bullish range