Copper prices have resumed their bearish correction, surpassing the previous negative target of $4.1500. This downward momentum is being driven by repeated negative pressures, which could push prices even lower, potentially reaching the 55-day moving average at $4.0500.
The stochastic indicator has reached oversold territory, which is expected to intensify the bearish outlook. Should copper prices break below the moving average and remain beneath it, further declines could be on the horizon, with potential support levels starting at $3.9600. For now, maintaining stability above the key $2.3300 barrier is crucial to avoid a reversal of the current negative trend.
The anticipated trading range for today is between $4.1450 and $4.2800.
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