In recent trading sessions, the Copper price exhibited a repeated negative close below the $4.8500 mark, indicating a downward trajectory. This movement has compelled the price to breach the bullish channel’s resistance line, settling around $4.7600. Such a move suggests a yielding to the influence of corrective bearish sentiment, with the price touching down to the $4.6230 level.
Technical indicators, as depicted in the accompanying chart, illustrate negative momentum signals from the stochastic oscillator. This reinforces the prevailing downward pressure and substantiates the current bearish outlook. In light of these indicators, market participants can anticipate a downward trajectory with potential targets at $4.5200, followed by $4.3100 levels.
The expected trading range for Copper is projected to fluctuate between the support level at $4.7600 and the resistance level at $4.5200, encapsulating the anticipated market movement.
Trend Forecast: Bearish