Copper price touches the target – Analysis – 13-5-2022

Copper price exited the sideways track yesterday, forming new negative wave to reach the target at 4.0500, confirming its surrender to the domination of the bearish bias, while the current rebound won’t affect the main bearish track due to the stability of the main resistance at 4.3800, in addition to 4.1800 level attempt to form additional barrier.

Therefore, we will keep our negative overview, expecting to gather the additional negative momentum to reach 3.9300 level direct, to press on 50% Fibonacci correction level as a next main target.

The expected trading range for today is between 4.1800 and 3.9300

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The expected trend for today: Bearish