Copper prices have initiated a downward trend, recently testing the $4.3900 level. This decline aligns with expectations for further negative movement, supported by ongoing negative momentum observed in stochastic indicators. A successful breach of this current support level could pave the way for additional declines, potentially targeting $4.3400, followed by a move toward the 55-day moving average (MA55) at $4.2700.
Conversely, if copper prices manage to break through the initial resistance at $4.5400 and maintain trading above this level, the negative outlook may be invalidated. Such a breach could lead to upward momentum, targeting recent highs of $4.6900.
Today, the anticipated trading range for copper is set between $4.3400 and $4.4800.
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