Copper price confirmed its commitment to the corrective bearish trend by posting new negative closes below the $6.1000 barrier. The price renews the attempt of pressing on the moving average 55 by its fluctuating around $5.9500, in an attempt to find a chance to resume its decline and target the next support level at $5.7700.

 

Note that Stochastic continues to fluctuate within oversold levels will increase the negative pressures on the current trading, to reinforce the chances of reaching the previously suggested next target, while the attempt of renewing the bullish attempts requires surpassing $6.3000 level and holding above it.

 

The expected trading range for today is between $5.7700 and $6.0700

 

Trend forecast: Bearish