Copper prices extended their downward trajectory, concluding yesterday’s session after hitting a target of $4.1500 per unit. Current market movements indicate the price hovering near this level, potentially entering a period of sideways trading as depicted on the charts. Analysts suggest that further sideways movement may precede a resumption of bearish momentum, aimed at breaching the $4.1500 support and targeting the next downside level at $4.0250.
It is emphasized that the bearish outlook remains intact as long as the $4.3300 level acts as a significant resistance barrier. Additionally, the consolidation of the MA55 indicator near this barrier reinforces expectations for continued bearish sentiment in both the near-term and medium-term trading perspectives.
Today’s anticipated trading range is projected to fall between $4.2300 and $4.0250 per unit of copper.
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