Today, July 17, 2024 – Copper prices have persisted in a negative trajectory, marking new declines to settle below $4.4600. Stochastic indicators reaching oversold levels suggest increased downward pressure, prompting vigilance around the $4.3200 support level to gauge future trends.
A decisive break below $4.3300 and sustained trading beneath it would solidify the negative outlook, potentially extending losses towards $4.2200 and $4.1500. Conversely, a reversal to a bullish bias would necessitate a strong rally pushing above $4.7000, aiming towards targets at $4.8200 and $4.9500.
Today’s expected trading range spans between $4.3200 and $4.5500.
Trend Forecast: Bearish
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