The copper price has persisted in forming correctional bearish trades, influenced by recurring negative pressures. Additionally, the stochastic indicator has attempted to exit overbought territories, indicating a downward trend. Yesterday, the price dipped below the $4.8900 level, nearing the significant support level at $4.7100, which will play a crucial role in determining the next trajectory.
The expected scenario suggests that the price will continue to move within a tight range, fluctuating between the aforementioned levels. This situation prompts a neutral stance, as we await a decisive move beyond one of these levels to ascertain the next significant targets. Notably, a break below $4.7100 would reinforce the correctional bearish trend, potentially targeting $4.5200, followed by the 23.6% Fibonacci correction level at $4.3100.
Expected Trading Range:
Between $4.9000 and $4.7100.
Trend Forecast:
Neutral