The value of copper has manifested a substantial challenge, posing a genuine risk to the integrity of the pivotal support at 3.6400. This jeopardy is underscored by the emergence of a renewed downward wave, further accentuating the prospects of transitioning into an adverse trajectory. Notably, the concerted effort to establish a foothold below the support demarcation finds impetus in the continued influence of prominent indicators, steadfastly perpetuating the negative momentum. Consequently, this juncture leads us to contemplate the impending likelihood of a targeted descent towards the 3.5000 threshold in the near term.
It is pivotal to acknowledge the impending encounter with the 50% Fibonacci correction level, poised to serve as a novel support bastion, mitigating against the intensifying bearish endeavors.
Within the parameters of today’s trading landscape, the envisaged trading spectrum spans between the cresting threshold of 3.7200 and the nadir at 3.5500.
Ascertaining the prevailing market sentiment for the day unveils a bearish predilection, an outlook fortified by the unfolding dynamics as observers remain vigilant in monitoring the copper market’s trajectory.
