Copper prices have maintained their bearish trajectory, touching the 3.5500 level and consolidating in close proximity. This stability is influenced by several negative factors, including the persistent barrier at 3.6800 and key indicators displaying negative momentum.
Given these factors, we anticipate additional bearish attempts in the near and medium-term, with a potential target of the 50% Fibonacci correction level around 3.5000. A breach of this level could lead to further declines, possibly reaching 3.3700 and 3.2200 as subsequent negative stations.
For today’s trading, the expected range is between the support level at 3.4500 and the resistance level at 3.6200.
In summary, the copper market remains on a bearish path, with the potential for further declines in the coming sessions.
