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Copper: Testing a weekly support

Since the beginning of the year the commodity lost more than 2.0% but last week fell more than 3.0% and is in a bearish phase since the beginning of last week.

Last week the Copper fell with a wide range and closed near the low of the week, in addition managed to close below the previous week low, suggesting lack a strong bearish momentum.

However is testing a weekly support that could be a good turning point although the stochastic is showing a bearish momentum but is still above the 50 mid line.

Expecting a downward move to 2016 low at 193.55 on a break below the previous week low at 206.70 (scenario 1) however a break above previous week high at 2016.85 could push the commodity up to a key level at 227.55 (scenario 2).