Copper prices have faced hurdles in resuming their bearish attempts, with a recent development being a notable close above the 50% Fibonacci correction level at 3.5000. This upward momentum has led to the formation of a sideways trading pattern, with copper finding stability near the 3.6000 level.
Despite these price movements, there exists a degree of contradiction between the major indicators and the persistent consolidation within the aforementioned sideways range, marked by the support at 3.5000 and resistance at 3.6800. As a result, the most prudent strategy at this juncture is to remain neutral and await fresh signals that can provide a more definitive direction for copper prices.
Traders and investors should focus on the trading range for the day, spanning from 3.6800 to 3.5300. The market is in a neutral stance, and further developments are eagerly awaited to guide future trading decisions.
