Copper prices have yielded to the persistent negativity indicated by the Moving Average 55 (MA55), which currently resides at the $3.8500 level. This downturn has led to a formation of a gradual bearish trend, culminating in a decline to the $3.7200 level. Analysts anticipate ongoing downward pressures with a trajectory towards the support line around $3.6700. The market is closely monitoring price behavior at this crucial support level, as it holds significance in determining the subsequent primary trend.
Should the price dip below the aforementioned support and register a negative close below it, this would affirm a shift towards a bearish trajectory. This shift would mark the initiation of a downward journey targeting various support levels, eventually descending towards $3.5000. This level corresponds to the 50% Fibonacci correction level, as depicted on the chart.
Today’s expected trading range extends between $3.8000 as the upper limit and $3.6700 as the lower limit.
Market analysts emphasize the prevailing bearish sentiment for the day, with copper prices exhibiting a gradual decline. The future direction of the market hinges on the pivotal support level at $3.6700.
