Advertisements

Copper Price Remains in a Sideways Pattern

by Jennifer

The price of copper has remained relatively unchanged over the recent period, as it continues to engage in sideways trading near the $2.5600 level. This stagnation is attributed to the impact of the 50% Fibonacci correction level at $2.500, which has slowed down any potential resumption of the main bearish trend.

It’s important to note that persistent stability below the critical resistance at $3.8500, combined with the negative momentum provided by stochastic indicators, suggests that we are awaiting a breakthrough. Once this is achieved, we can start targeting negative levels, with an initial focus on the $3.3700 level, followed by the $3.1400 level, which faces the 61.8% Fibonacci correction level as shown in the above chart.

Advertisements

Today’s Expected Trading Range: $2.500 – $3.000

Advertisements

Today’s Trend: Bearish

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