Copper prices exhibited a deliberate pace in trading during the previous session, maintaining their fluctuations above the 50% Fibonacci correction level positioned at 3.5000. This level acted as a formidable barrier, effectively resisting the bearish attempts and compelling the price to recover towards the 3.6100 threshold.
It is imperative to bear in mind that the bearish trajectory will continue to be relevant as long as the price remains anchored below the 3.8500 resistance line. In light of this, it is reasonable to anticipate the development of persistent intraday sideways movements until the crucial breakthrough materializes. Once the breakout is achieved, it will be crucial to await confirmation of a further descent, with initial targets set at 3.3700, followed by 3.1400.
The expected trading range for today is situated between 3.6800 and 3.5000, with the prevailing trend for the day anticipated to be bearish.
