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Copper prices experienced a significant reversal today, reaching the 61.8% Fibonacci retracement level at $4.6900. This level has formed a solid barrier against further bullish momentum, leading to a swift decline to $4.6200.
The persistent stability below this resistance level, coupled with stochastic indicators suggesting negative momentum, indicates a potential shift towards a correctional bearish trend in the near term. Market analysts are now watching for price targets around $4.5300 and $4.4500.
Conversely, if prices break through the $4.6900 barrier, the likelihood of renewed bullish attempts increases, with potential targets set at $4.8100.
The expected trading range for copper today is between $4.5400 and $4.6900.
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