Copper price continues to exhibit a sluggish pace in its descent, hovering above the supplementary support level of 3.5000. This behavior serves to delay the previously proposed bearish scenario.
The primary stability within the bearish trajectory, which hinges on the resistance at 3.8500, coupled with the indications from key technical indicators attempting to muster negative momentum, collectively prompt us to adopt a waiting stance. We are anticipating the awaited breach that would pave the way for further declines, initiating the potential descent towards additional bearish waypoints, which could initiate around 3.3700 and extend to 3.1400.
In the scope of today’s trading, the envisaged range extends from the upper limit of 3.6200 to the lower threshold at 3.3700. The prevailing trend maintains its bearish bias, mirroring the current sentiment within the market.
