Copper prices continue to fluctuate around the $4.0600 level, with the 55-day moving average (MA55) providing some support. However, the stochastic indicator’s stability in oversold territory signals growing negative pressure, which is delaying any attempts for a renewed bullish rally. The $4.2000 level remains a significant barrier, preventing further upward movement.
As a result, we anticipate further downside momentum, with the price potentially breaking through the current support at $4.0000. If this occurs, copper could face additional losses, targeting $3.9300, followed by the main support line of the bullish channel at $3.8300.
The expected trading range for today is between $3.9300 and $4.1000.
Trend Outlook: Bearish
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