Copper prices continue to exhibit a sideways bias, with ongoing consolidation near the 3.7500 level. This extended period of lateral trading reflects the market’s uncertainty as it remains trapped between two key levels: the support at 3.6700 and the resistance at 3.9000.
The prolonged stability of these dominant barriers has led to a neutral stance among market participants, who await confirmation of the next significant trend.
It’s essential to highlight that a decline below the aforementioned support, accompanied by a negative closing, would signal the prevalence of a bearish bias in the near term. This would likely lead to an initial target of 3.5000, marking a pivotal support level. Conversely, breaching the resistance at 3.9000 would validate a shift towards a bullish trajectory, potentially opening the door to substantial gains, which could commence around the 4.0200 level and extend towards 4.3100.
For today’s trading activities, traders should anticipate a range bound between the 3.8700 resistance and the 3.7000 support.
In summary, copper prices are currently navigating a sideways pattern as the market eagerly awaits a decisive breakout. Traders are advised to monitor price movements closely and be prepared to adapt to changing conditions.
