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Hugo in HTO Trading,

Copper: Reaching 2015 low

Since the beginning of the year the commodity lost more than 2.5% however last week plunged more than 3.0% and after last week death cross, copper is in a bearish phase.

Last week the Copper fell with a narrow 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 205.80 (scenario 1) and a bounce from the 2015 low at 200.10 could push the commodity further down to a key level at 180.35 (scenario 2).