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Copper Price Sustains Negative Trajectory

by Jennifer

Copper prices have persisted in a negative trend in recent sessions, maintaining their position beneath the support level of 3.6800, which previously marked a sideways trading range. This decline has heightened the likelihood of an impending bearish move. The stochastic indicator indicates efforts to establish negative momentum. Traders are now anticipating a breach of the 50% Fibonacci correction level at 3.500, and a successful violation of this threshold is expected to propel copper prices towards lower milestones at 3.3700 and 3.1400.

The projected trading range for today falls between 3.7000 and 5.0003.

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Anticipated Market Trend: Bearish

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