Copper prices have remained stable near the $3.9200 support level, showing little movement towards positive gains. This stability comes amid conflicting signals from technical indicators, which are applying consistent negative pressure. The stochastic indicator is approaching oversold territory once again, suggesting potential for further downward movement.
For today, we recommend adopting a neutral stance on copper trading. The key levels to watch are the support line at $3.9200 and the resistance at $4.0250. A breach of the support could lead to additional losses, potentially pushing prices down to $3.8000. Conversely, if copper prices rise above the resistance level, it could signal the start of a corrective bullish trend, with a target of $4.1500 as the initial milestone.
The anticipated trading range for today is between $3.9200 and $4.0250.
Trend Forecast: Neutral
