Copper price confirmed its surrender to the bearish corrective bias, by providing several closes below the broken support that is represented by $5.5100 level, recording negative targets by reaching $5.1900.

 

The continuation of providing negative momentum by the main indicators might push the price to resume the corrective moves, to reach $5.0500 that might form an extra support, breaking this support will open a new way for targeting extra negative stations that might begin at $4.9500, while the stability above it might provide a chance for forming some bullish waves, to target $5.4200 level.

 

The expected trading range for today is between $5.0500 and $5.4000

 

Trend forecast: Bearish