Analysis of the current copper price indicates that the commodity continues to trade sideways, with frequent consolidation observed below the $4.4200 barrier. The stochastic indicator’s decline below the 80 level confirms correctional negative attempts, suggesting a potential decline towards the $4.2500 level in the near term.
The expected outcome suggests that there will be no significant change to the sideways trading pattern of copper due to the frequent consolidation below the $4.4200 barrier. This situation may lead to the postponement of any bullish attacks for the time being.
However, if copper manages to surpass the barrier and maintain a position above it, there is a possibility of reactivating the efficiency of the bullish track. This could lead to the formation of new bullish waves, with potential targets beginning at $4.5800.
The anticipated trading range for today is expected to fluctuate between support at $4.4200 and resistance at $4.2500.
Overall Trend Forecast: Bearish
