The price of copper has found itself unable to breach the formidable barrier at 3.8500, compelling it to defer its bullish aspirations and adopt a more subdued stance. Consequently, the market has witnessed the formation of feeble sideways movements, with copper prices settling in the vicinity of 3.7700.
This prevailing sideways trend is expected to persist, primarily owing to the conflicting signals emanating from the stochastic indicator. The presence of stochastic negativity contrasts with the potential for renewed bullish endeavors. It is worth noting that maintaining a position above the critical support level at 3.6600 is pivotal in diminishing the likelihood of a trend reversal and unanticipated losses in the foreseeable future.
Today’s trading range is anticipated to fluctuate between 3.7000 and 3.8000, highlighting the potential for price stability and limited directional movement in the copper market.
In summary, the copper market continues to exhibit a sideways trend, characterized by its struggle to overcome the 3.8500 resistance barrier. The outcome remains contingent upon the interplay between stochastic indicators and the critical support at 3.6600.
