Copper prices continue to exhibit negative trading patterns as the market responds to oversold conditions indicated by stochastic indicators. Currently, prices are approaching the crucial support level of $4.3300, which is pivotal for future market direction.
Market analysts anticipate sideways fluctuations due to conflicting signals from the 55-day moving average, which is hovering near the previously established support line. Maintaining a position above this support level could trigger bullish momentum, potentially targeting resistance levels of $4.5500 and $4.6500. Conversely, if prices break below this support, further losses could occur, pushing the market down toward $4.2250 and $4.1500.
The expected trading range for today is between $4.3300 and $4.4800.
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