As of the latest update, the price of copper continues to lack the downward momentum necessary to initiate the anticipated corrective decline, thus persisting in its sideways trajectory, with settlement near $4.5500.
It remains crucial to observe sustained negative closings below the resistance level of $4.7000, awaiting the accumulation of downward momentum to catalyze the anticipated decline and target various levels, commencing at $4.4200 and extending to $4.3000.
Conversely, a breach of the resistance level followed by its successful retention would negate the bearish outlook, potentially paving the way for a new bullish rally, with targets set at $4.8600, followed by an attempt to surpass the previously recorded high at $5.0200.
Today’s projected trading range is expected to oscillate between $4.6500 and $4.4200.