The price of copper remains engaged in a series of negative attempts, with fluctuations continuing near the initial support level of 3.7400. This persistent behavior is influenced by frequent downward pressures, primarily emanating from the inability to sustain stability above the 3.8500 barrier. Additionally, major indicators contribute to the prevailing negative momentum.
The ongoing negative pressures suggest a prudent approach, waiting for confirmation of a breach beneath the current support level. Such a development would prompt a temporary shift into a negative trajectory, with the initial target set at 3.6500, followed by an additional support level at 3.5800. Subsequent observations of copper’s behavior will be crucial in determining the subsequent trend direction.
The anticipated trading range for the day is projected to fall within 3.8000 and 3.6500.
The prevailing trend for today is expected to be bearish, with a focus on the sustained downward movement in copper prices.