Copper prices are maintaining their stability within a negative trajectory, a condition influenced by the consolidation around the MA55 and the resistance level near 3.8500. The continuous downward momentum of the stochastic indicator is gradually pushing it towards the oversold territory.
Given these factors, the prevailing bearish sentiment remains intact, potentially leading to an imminent test of the 3.5000 level. The successful breach of this level is critical as it will confirm the continuation of the negative outlook. In such a scenario, the price could target 3.3700 and even extend the decline towards 3.1400 over the medium term.
For today’s trading, the anticipated range is between 3.6800 and 3.5000. The overall trend is expected to remain bearish.
