Copper prices have once again faced downward pressure, testing the support level at 3.6700 within the ongoing sideways trajectory. This repeated negative movement has heightened the likelihood of transitioning to the suggested bearish path. Key factors contributing to this outlook include the continued formation of a resistance barrier, marked by the stability of the 55-period moving average at 3.8500, coupled with stochastic indicators maintaining levels below 50.
Market analysts are closely monitoring the situation, anticipating the much-anticipated break that could pave the way for targeting lower price levels. The anticipated bearish stations are expected to initiate from 3.5000, with the potential to extend further down to 3.3700.
For today’s trading, traders are advised to consider a range between 3.7700 and 3.5500, with a prevailing bearish trend anticipated in the copper market.
