Advertisements

Copper Price Analysis: Potential Bearish Momentum Ahead

by Daisy

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.

Advertisements

Trading Range

Anticipated range for today’s trading session: $4.6500 – $4.4200

Advertisements

Trend Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News