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Copper Price Analysis: Bearish Trend Anticipated

by Daisy

The price of copper experienced significant downward pressure yesterday, influenced by the stochastic indicator nearing the 20 level. This movement has reinforced a correctional bearish bias, with copper breaking through the $4.8900 level and settling around $4.7870.

The persistent negative pressure is likely to increase the chances of copper testing the major support level at $4.7100. This support level is crucial in determining the next main trend. As such, we recommend adopting a neutral stance upon reaching this support and waiting for the next daily close to avoid potential losses from a trend reversal.

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Expected Trading Range:

Support: $4.7100

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Resistance: $4.9000

Trend Forecast: Bearish

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