Scenario 1: Sideways Movement
Recent trading in copper has been characterized by a sideways pattern, with the price consolidating around the $4.6000 mark. This consolidation suggests a possible inclination towards a correctional bearish trajectory, notably frequently residing below the resistance of the bullish channel at $4.7000.
Scenario 2: Bearish Momentum
Stochastic indicators are signaling attempts to depart from the overbought territories, indicating mounting downward pressures on short-term trades. There exists a probability of triggering a correctional bearish trend, with initial downside targets set at $4.4200, followed by a potential touch of the 23.6% Fibonacci correction level at $4.3000.
Trading Range
Anticipated range for today’s trading session: $4.6500 – $4.4200
Trend Forecast: Bearish