Copper prices have recently entered a new bearish phase, dropping below the additional support level of $4.0250. This decline has seen prices touch a further negative target of $3.9300, approaching the 38.2% Fibonacci retracement level, where they have managed to stabilize above it.
Current Market Conditions
Copper prices are showing signs of sideways movement, influenced by persistent bearish pressure. The price remains below the resistance level of $4.1500, and ongoing negative momentum indicated by major technical indicators suggests a heightened risk of breaching the $3.9300 support. Should this level fail to hold, copper prices could face further declines, potentially extending towards $3.7400 and eventually reaching the crucial support level of $3.6600.
Trading Range Outlook
For today, the anticipated trading range for copper prices is between $4.0800 and $3.9300, reflecting the current volatility and market sentiment.
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