Copper prices experienced a shift in momentum yesterday, forming corrective bullish waves and consolidating above the $4.0250 mark. Prices settled near $4.0850, showing some gains.
The bearish outlook hinges on sustained stability below the $4.3300 resistance level. Additionally, the 55-day moving average (MA55) is setting up a potential barrier at $4.2400. The focus will be on whether the market can reaccumulate negative momentum to resume the downward trend. A break below the 38.2% Fibonacci retracement level at $3.9200 would open the path to further declines, with potential targets at $3.8300 and $3.7000.
For today, the anticipated trading range is between $3.9300 and $4.1500.
Trend Forecast: Bearish
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