Copper price records the initial target – Analysis – 20-07-2021

Copper price formed a new bearish wave yesterday, to press on the moving average 55, to record the initial correctional target by hitting 4.2100 level, in spite of the stability of the trading until this moment within the bullish channel’s levels, but the continuation of providing negative momentum by stochastic, which makes us prefer more of the negative attempts, to wait for testing the main supported at 4.0900 then monitoring the price behavior to detect the main targets in the upcoming period.

Reminding you that resuming the main bullish attack requires jumping above 4.4100 level to open the way towards recording several positive targets that might begin at 4.6300.

The expected trading range for today is between 4.2850 and 4.1000

The expected trend for today: Bearish