Advertisements

Copper Price Shows Signs of Weakness

by Jennifer

The copper price remains relatively unchanged as it hovers within a sideways triangle pattern. It continues to engage in mixed trading patterns, with fluctuations occurring around the 3.7500 mark. Notably, the 55-day moving average (MA55) acts as an additional barrier at 3.8500.

Stochastic indicators are currently signaling a potential negative momentum shift, which could lead to the formation of downward price movements. Under these conditions, we anticipate the price may target the support line of the sideways trading range, situated at 3.6700.

Advertisements

A breach of this support level would confirm a shift towards a more bearish trajectory, potentially resulting in substantial losses that may initiate from the 3.5000 level.

Advertisements

For today’s trading, the expected range is projected to be between 3.8500 and 3.6700, with an overall bearish trend bias.

 

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