Copper prices have begun to exhibit a downward trend, recently reaching the $4.1250 level. This decline is supported by the 55-period moving average (MA55), which acts as a resistance at $4.2500, coupled with a negative stochastic momentum approaching the 20 level.
Ongoing negative pressures suggest the potential formation of additional bearish waves. Projections indicate that prices may soon target the $4.0250 level, with a break below this point possibly extending the decline towards a primary target of $3.9200.
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Today’s anticipated trading range for copper is between $4.0250 and $4.1800.
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