Copper prices have demonstrated sustained negative momentum, surpassing the second target of $4.0250. This decline has been supported by consistent stability below the $4.1500 level and bearish signals from major indicators.
While some sideways trading may occur, it is unlikely to alter the prevailing bearish trend given the ongoing resistance below the $4.3300 barrier. A successful breach of this resistance could lead to further declines, with the next potential target being the 38.2% Fibonacci retracement level at $3.9200.
The expected trading range for today is between $4.1100 and $3.9200.
Trend Forecast: Bearish
Related topics: