Copper prices have persistently recorded negative closings below the additional barrier at 3.7100. This has signaled the emergence of negative waves, as the price touched the 3.6350 level, indicating the resumption of the bearish trajectory.
Furthermore, the presence of the MA55 near the additional barrier and the stochastic indicator showing signs of generating additional negative momentum suggest the potential for further bearish attempts. These attempts may target the 50% Fibonacci correction level at 3.5000 in the near term, serving as the primary target for current trades.
The expected trading range for today is projected to fluctuate between support at 3.6100 and resistance at 3.7100.
In summary, the prevailing trend for today is expected to be bearish, with copper prices exhibiting ongoing negative momentum and the potential for additional declines.
