Copper price has continued its downward trajectory, benefiting from stochastic indicators reaching oversold levels and approaching the key support level at $4.3300.
Market analysts anticipate a period of sideways movement due to conflicting signals from the MA55, which is hovering near the previously identified support line crucial for determining the forthcoming trend. Maintaining above this support could potentially trigger bullish movements targeting $4.5500 and $4.6500. Conversely, a breach and sustained drop below this support level would likely exacerbate losses, pushing the price towards $4.2250 and potentially $4.1500.
Today’s projected trading range is expected to fluctuate between $4.3300 and $4.4800.
Trend Forecast: Bearish
Related topics: