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Copper Price Fluctuates Amidst Correctional Bearish Trades

by Daisy

The copper price has persisted in forming correctional bearish trades, influenced by recurring negative pressures. Additionally, the stochastic indicator has attempted to exit overbought territories, indicating a downward trend. Yesterday, the price dipped below the $4.8900 level, nearing the significant support level at $4.7100, which will play a crucial role in determining the next trajectory.

The expected scenario suggests that the price will continue to move within a tight range, fluctuating between the aforementioned levels. This situation prompts a neutral stance, as we await a decisive move beyond one of these levels to ascertain the next significant targets. Notably, a break below $4.7100 would reinforce the correctional bearish trend, potentially targeting $4.5200, followed by the 23.6% Fibonacci correction level at $4.3100.

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Expected Trading Range:

Between $4.9000 and $4.7100.

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Trend Forecast:

Neutral

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