Copper price confirmed its surrender to the bearish corrective bias by forming new bearish wave to settle near $4.9000 level, the negative factors that are represented by holding below the barrier at$5.2000 and providing extra negative momentum by stochastic, which might increase the chances of attacking the extra support at $4.7500, then monitor its behavior to detect the expected targets in the near and medium trading.

 

While breaking $4.7500 level will increase the efficiency of the corrective track, forcing it to suffer extra losses by reaching $4.6300 and $4.4600, while its success in surpassing $5.2000 level will confirm its readiness to form strong bullish waves, to expect targeting $5.3200 and $5.5000 initially.

 

The expected trading range for today is between $4.7500 and $5.1200

 

Trend forecast: Bearish