Yesterday, copper prices exhibited a notable decline, edging closer to the anticipated target of $4.3380. This movement reinforces expectations of a sustained bearish trend, with analysts highlighting the potential formation of a negative pattern. Breaking through this crucial level is seen as pivotal, potentially paving the way for further downside targets at $4.0000 and subsequently $3.6600 in the short term.
The continuation of this bearish trajectory hinges significantly on the price’s ability to maintain stability below the $4.7000 mark. A breach above this level, however, could signal a reversal, prompting a recovery towards the $5.0000 territory.
Looking ahead, analysts suggest today’s trading range is likely to fluctuate between $4.3000 and $4.5500, reflecting ongoing market volatility and investor sentiment in the copper sector.
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