Copper price reached $5.9700 level yesterday to settle below it, affected by the continuation of the contradiction between the main indicators, especially by stochastic exit from the overbought level, which forces it to fluctuate in sideways range by its stability near $5.8300.

 

We expect the price to be affected by a state of instability due to the ongoing divergence of the main indicators, despite the presence of an opportunity to edge toward $5,720.00. However, exposure to negative pressure may force it to retest the solid support near $5,510.00, while surpassing this level and holding above it will reinforce the chances of recording new gains that might extend towards $6.1200 and $6.2400.

 

The expected trading range for today is between $5.7500 and $6.000

 

Trend forecast: Fluctuating