Copper Price Retreats from Key Resistance Level

Copper price has successfully validated the bearish scenario with a recent close in proximity to 3.5800. This decline is influenced by the negative stance of the MA55, which hovers around 3.7300. Additionally, the stochastic indicator resides within the oversold territory, amplifying the downward pressures. This reinforces the anticipation of a forthcoming test of the support line at 3.5000. A breach of this support level is likely to reignite the bearish momentum, with the next target set at 3.3700.

The projected trading range for today is expected to oscillate between 3.6100 and 3.5000.

Anticipated Trend for Today: Bearish