Copper prices have exhibited a lack of recent movement, persisting in a pattern of sideways fluctuations that align with the bearish trajectory. This trend is contingent on the steadfastness of the 3.8500 resistance line, with the 3.6800 level serving as an additional hurdle, as evident on the accompanying chart.
Notably, the market is characterized by a contrast in the readings of major indicators, which suggests that prices are likely to remain entrenched in sideways trading patterns until they accumulate negative momentum. Such a development would potentially pave the way for the breach of the 3.5000 threshold, ultimately opening the door to the possibility of negative price levels that could commence at 3.3700 and extend down to 3.1400.
For today’s trading session, the projected trading range stands between 3.6800 and 3.5000, further underscoring the prevailing bearish sentiment in the copper market. Market participants are closely monitoring these dynamics as they navigate the market’s unyielding bearish path.
