Copper prices experienced a fresh bearish wave in the previous session, exerting pressure on the stability of the sideways movement around 3.6700. The price managed to maintain a position slightly above this critical support level, potentially leading to some temporary sideways fluctuations. However, it is worth noting that the prevailing negative momentum, as indicated by major technical indicators, could amplify the likelihood of a renewed downward push.
Market analysts anticipate the possibility of a breach of the current support, with a continuation of the bearish trend targeting new levels. The initial downside objectives may include 3.5000 and 3.3700, making it essential to monitor these key price levels closely.
For today’s trading, the projected range lies between 3.7700 and 3.5500, with the bearish sentiment expected to persist.
Today’s Expected Range: 3.7700 – 3.5500
Anticipated Trend for the Day: Bearish
