Copper price fluctuates within sideways track – Analysis – 8-7-2022

Copper price still stable within the bearish track until this moment, affected by forming solid barrier at 3.8500, in addition to the continuous negative momentum coming by the moving average 55, while the current sideways trades are caused by the contradiction of stochastic that rallies above 50 level, to force it to postpone the decline and provide temporary correctional trades that might push it to reach 3.6300 before recording any new negative target.

On the other hand, succeeding to gather the additional negative momentum will assist to activate the bearish track, to repeat the pressure on 3.3000 followed by attempting to touch the next main target at 3.1300.

The expected trading range for today is between 3.6000 and 3.3000

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The expected trend for today: Bearish