Copper prices have continued their bearish trend, reaching the target level of $4.1500 yesterday and currently fluctuating around it. The price may exhibit some sideways movement as it gathers additional negative momentum to facilitate a break below $4.1500 and target $4.0250 as the next level.
The bearish outlook remains valid as long as $4.3300 acts as a significant barrier. The consolidation of the MA55 near this level reinforces the bearish scenario for both near-term and medium-term trades.
The expected trading range for today is between $4.0250 for support and $4.2300 for resistance.
Trend Forecast: Bearish
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