Copper prices saw a sluggish decline recently, influenced by conflicting technical signals. The Moving Average 55 (MA55) indicated positivity, hovering around the $4.3200 support level, while stochastic indicators suggested negative momentum. This led to price fluctuations near the initial downside target of $4.4600.
Market analysts anticipate continued sideways movement in prices, particularly as they struggle to breach the significant resistance level at $4.7000. A sustained position below this mark is seen as a critical factor affirming a bearish outlook. Investors are advised to monitor levels around $4.1000 and $4.3200 for potential signs of a reversal before considering any bullish strategies.
Today’s expected trading range is projected between $4.3200 and $4.6000, reflecting ongoing uncertainty in the copper market.
Related topics:
5 Things To Know Before Trading Copper Futures
