Copper prices have continued to exhibit indecisive trading, hovering near the $4.1500 mark. This consolidation results from a tug-of-war between stochastic indicators, which are showing positive signals, and the MA55, which is establishing a resistance near $4.2300.
The price’s persistent struggle below the $4.3200 resistance line suggests the potential for a bearish trend. We anticipate that if the price breaks below the $4.0250 level, it could initiate a decline towards subsequent support levels at $3.9000 and $3.7700.
The expected trading range for today is between $3.9800 (support) and $4.1800 (resistance).
Trend Forecast: Bearish
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