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Copper prices have recently demonstrated a downward trend, dropping below the $4.5300 mark yesterday. This decline signifies a shift toward a correctional bearish bias, with the price achieving its initial target at $4.4300.
Market analysts anticipate a continuation of this negative momentum, especially as long as the resistance level at $4.6900 remains unbroken. Coupled with ongoing negative momentum indicated by stochastic indicators, there is an expectation for the price to approach the $4.3900 level. Should this level be breached, further pressure may drive the price toward additional support at $4.3400.
For today’s trading session, analysts predict the price will remain within a range of $4.3900 to $4.5300.
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