Copper price formed temporary negative rebound after reaching $5.01000 level and recording the waited targets, to fluctuate near 38.1%Fiboancci correctional level at $4.8900.

 

The current negative rebound won’t represent any threat to the chances of resuming the bullish attack, as there are several bullish factors such as forming a new support at $4.8000 level, to provide the positive momentum for the main indicators, therefore, we will keep waiting for renewing the bullish attempts to target $5.0300 level reaching $5.1000 level.

 

The expected trading range for today is between $4.8500 and $5.030

 

Trend forecast: Bullish