The copper price has succumbed to ongoing negative pressures, exerting renewed strain on the critical initial support level at 3.7400. This development heightens the likelihood of a breakthrough, signaling the initiation of a corrective bearish trajectory.
Observing the stochastic indicator reveals a consistent effort to reach oversold territories, intending to introduce additional negative momentum and facilitate the achievement of a break. Anticipations point towards an imminent targeting of the 3.6500 and 3.5800 levels, contingent upon the price maintaining its position below the 3.8500 barrier.
Today’s projected trading range is expected to fluctuate between 3.8000 and 3.6500, emphasizing the prevailing volatility in the copper market.
The overall trend for today is anticipated to be bearish, as the downward pressure continues to impact the pricing dynamics. Investors and traders are advised to closely monitor the evolving market conditions, with particular attention to the key support and resistance levels, to make informed decisions amid the current copper price dynamics.