Copper prices experienced sluggish upward movement in the previous trading session, with fluctuations remaining below the critical 3.7000 threshold. This performance is primarily influenced by the conflicting signals emanating from stochastic indicators, indicating positivity, while the Moving Average 55 (MA55) consolidates near the present barrier.
It is worth noting that sustained price stability beneath the significant resistance level of 3.8300, coupled with the ongoing consolidation around the mentioned barrier, suggests the possibility of renewed bearish endeavors. Consequently, we can anticipate a downside trajectory targeting various negative milestones, with an initial decline toward 3.6100 and an attempt to test the 50% Fibonacci correction level at 3.5000.
For the current trading day, the expected trading range is projected to fall between 3.7000 and 3.6100.
Analyzing the prevailing market conditions, the expected trend for today leans predominantly toward a bearish sentiment.
