Copper prices have exhibited a notable lack of momentum in recent market movements, as they continue to navigate a persistent bearish trajectory. The critical resistance level at 3.8500 remains steadfast, with an additional hindrance at 3.7200 posing a continuous challenge to any bullish endeavors.
Of particular significance is the consolidation of the Moving Average 55 (MA55) near the ongoing resistance, which is expected to reinforce the bearish sentiment in the forthcoming trading sessions. Market analysts are on the lookout for the potential initiation of a downward move that could target the initial support level at 3.5000. In the event that this barrier is breached, traders may anticipate further price declines, setting their sights on the subsequent target at 3.3700.
For the current trading day, the expected range is foreseen to fall between 3.7100 and 3.5500. The overall sentiment suggests a bearish trend for today.
In summary, copper prices are experiencing a sluggish period characterized by a persistent bearish track, with critical resistance levels at 3.8500 and 3.7200 acting as significant hurdles. The consolidation of the MA55 near these resistance levels is expected to reinforce the bearish sentiment. As the day unfolds, traders should monitor the market closely, as a breakdown below 3.5000 may signal a further descent towards 3.3700. The anticipated trading range for the day is expected to span between 3.7100 and 3.5500, with the prevailing trend leaning towards the bearish side.
