Copper prices have unequivocally succumbed to the prevailing bearish sentiment, currently hovering around the 2.5600 level. This marked divergence from the major resistance at 3.8500 underscores the dominance of the bearish bias. Moreover, the persistent negative momentum, as indicated by major technical indicators, reinforces the indication of copper’s readiness to initiate a substantial bearish assault in the near term.
Anticipations are high for copper prices to venture towards the 50% Fibonacci correction level positioned at 2.5000. A decisive breach of this level would likely extend the downward trajectory, targeting the previously mentioned levels at 3.3700 and 3.1400.
For the current trading session, the anticipated trading range for copper is expected to oscillate between 3.6800 and 3.3700, signifying a persisting bearish trend.
