The price of copper has remained relatively unchanged over the recent period, as it continues to engage in sideways trading near the $2.5600 level. This stagnation is attributed to the impact of the 50% Fibonacci correction level at $2.500, which has slowed down any potential resumption of the main bearish trend.
It’s important to note that persistent stability below the critical resistance at $3.8500, combined with the negative momentum provided by stochastic indicators, suggests that we are awaiting a breakthrough. Once this is achieved, we can start targeting negative levels, with an initial focus on the $3.3700 level, followed by the $3.1400 level, which faces the 61.8% Fibonacci correction level as shown in the above chart.
Today’s Expected Trading Range: $2.500 – $3.000
Today’s Trend: Bearish
