The copper price has persisted in cultivating a succession of negative trading sessions, culminating in its arrival at the pivotal support juncture of 3.6400. This juncture stands as a determining factor in delineating the trajectory that will ensue.
It warrants noting that significant indicators underline the sustained negative momentum, further underscored by the presence of an additional resistance barrier situated at 3.8500. Given these converging factors, the likelihood of a renewed downward drive is heightened. Should the prevailing support yield to the pressure, a transition into a bearish trajectory in the imminent period is anticipated. Such a shift could potentially entail a targetting of the 50% Fibonacci correction level, beginning at 3.5000.
The parameters dictating today’s trading purview are poised to fluctuate within the confines of the 3.7500 support and the 3.5500 resistance.
The trajectory projected for the day assumes a bearish disposition, reflective of the overarching trend indicative of a declining market sentiment.
