Copper prices remained relatively unchanged until this morning, as they exhibited frequent fluctuations within a consolidated sideways trajectory, with a proximate value of approximately 3.6200. The underlying theme underscores the primary position that remains below 3.8500, along with the persistent negative momentum, as indicated by the major indicators. This, in turn, bolsters the continuation of a bearish sentiment.
As this trajectory unfolds, it is reasonable to anticipate an impending assault on the pivotal 50% Fibonacci correction level at 3.5000, which could be realized in the near term. In the event that this level is breached, the door may be opened for an extension of losses towards the 3.3700 and 3.1400 support levels.
With these dynamics in play, the projected trading range for today is bounded by the resistance at 3.7000 and the impending bearish support at 3.5000, echoing the persisting bearish inclination in copper prices.
