Copper prices continue to follow a bearish path as they recently concluded a bullish correction, testing the 3.7000 level. The subsequent decline saw prices settle near 3.6300. Additionally, the presence of the moving average55 has reached the current barrier, reinforcing the impact of new downward pressures on copper prices. This maintains our expectation of a potential move towards the 50% Fibonacci correction level at 3.500, which serves as a formidable obstacle to any attempt to resume the previous period’s negative trend.
Today’s Expected Trading Range and Trend
The projected trading range for the current day is estimated to fluctuate between 3.6800 and 3.5500. The prevailing trend for today remains decidedly bearish, in line with the ongoing negative momentum in copper prices.
Market participants are advised to closely monitor these developments as they position themselves in response to the evolving dynamics in the copper market.
