Copper prices have maintained stability below the 55-day moving average (MA55), currently facing resistance around $4.2400. This resistance is reinforcing the potential for a bearish trend, as previously indicated. Additionally, stochastic indicators reaching overbought levels suggest that downward pressure on copper prices might be alleviating, leading to a potential formation of bearish waves.
Market expectations point to a possible decline in copper prices towards $4.0250, with further potential to reach $3.9000. However, if prices breach the $4.3200 resistance level, it would negate the current negative outlook and potentially set the stage for gains before hitting the anticipated lower targets.
The projected trading range for copper today is between $4.0250 and $4.2400.
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