Copper prices have provided a new negative signal by falling below the $4.1500 level, confirming the continuation of the previously anticipated bearish trend. The price is currently settling around $4.1270. The stability of the 55-day moving average (MA55) near the $4.3300 barrier, combined with stochastic indicators showing negative momentum, suggests further declines.
We anticipate potential additional targets starting at $4.0250, followed by the 38.2% Fibonacci retracement level at $3.9200.
However, if the price rallies above $4.1500, it may result in mixed sideways trading until additional negative momentum is accumulated to reach the forecasted lower levels.
The expected trading range for today is between $4.1550 and $4.0250.
Trend Forecast: Bearish
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