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Copper: Still in a well-defined trading range

Since the beginning of the year the commodity lost more than 2.5% and last week alone fell in excess of 4.0%, in addition switched from a warning to a distribution phase.

Last week, Copper fell wide a wide range and closed near the low of the week, furthermore managed close below the previous week low, suggesting a strong bearish momentum.

The commodity is testing a strong weekly support that could be a good turning point plus the stochastic is showing a bearish momentum and crossed below the 50 mid line.

Expecting a downward move to a weekly support at 200.10 on a break below the previous week low at 207.00 (scenario 1) but a break above the weekly support at 206.35 could set in motion a bullish run up to a key level at 227.55 (scenario 2).