The price of copper has recently witnessed a shift in its downward momentum, following a stochastic rally towards the 80 level. This surge has led to a postponement of bearish attempts, with the price currently stabilizing near 3.6500.
The corrective bullish movements may extend towards 3.7100, potentially bringing the price into proximity with the MA55. It’s important to note that such corrective moves do not undermine the overarching bearish trajectory, provided that the price remains below the key resistance level at 3.8500.
As long as the price remains below this significant resistance, the overall outlook remains negative, with an initial downside target set at 3.5000.
Today’s expected trading range is likely to fluctuate between 3.7000 and 3.5800.
Current Market Trend Outlook: Bearish
