Copper price declined in its last intraday trading, due to the stability of the resistance level at $5.89, attempting to look for a rising low to take it as a base that might assist it to gain the required positive momentum to help it to breach this resistance, to lean on the support of a minor bullish trend line on the short-term basis, amid the continuation of the positive pressure that comes from its trading above EMA50, besides the (RSI) reach to oversold levels, exaggeratedly compared to the price movement, suggesting the beginning of forming positive divergence, intensifying the positive pressure on the price.

 

Therefore, our expectations suggest a rise in (copper) price in its intraday trading, especially when breaching the mentioned resistance at $5.89, to target the next resistance level at $6.1820.

 

The expected trading range for today is between $5.7344 and $6.0500

 

Trend forecast: Bullish

 

 

 

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