Copper prices remain on a downward trajectory, settling below $4.4600. The recent formation of new negative trades, coupled with stochastic indicators reaching oversold levels, suggests increased downward pressure on the price. Market observers should monitor the behavior at the $4.3200 support line closely, as it is crucial for determining the next trend.
If the price breaks below $4.3300 and maintains a position under this level, it will reinforce the negative trend. This could lead to further declines, potentially extending towards $4.2200 and $4.1500. Conversely, for a shift towards a bullish outlook, copper prices would need to initiate a strong upward rally to break through $4.7000. Successful movement beyond this resistance could then target positive levels around $4.8200 and $4.9500.
The anticipated trading range for copper today is between $4.3200 and $4.5500.
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