Copper price has exhibited sluggish negative trades, influenced by conflicting signals between the positivity of the MA55 near the $4.3200 support level and the negative momentum observed in stochastic indicators. Currently, it is fluctuating near the initial downside target around $4.4600.
The price is expected to continue trading sideways, with significant resistance noted near $4.7000 playing a pivotal role in confirming the bearish scenario. This reinforces the anticipation of further declines towards $4.1000 and potentially down to $4.03200 before any reversal attempts.
Today’s anticipated trading range is between $4.3200 and $4.6000.
Trend Forecast: Bearish
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