The copper price remains relatively unchanged as it hovers within a sideways triangle pattern. It continues to engage in mixed trading patterns, with fluctuations occurring around the 3.7500 mark. Notably, the 55-day moving average (MA55) acts as an additional barrier at 3.8500.
Stochastic indicators are currently signaling a potential negative momentum shift, which could lead to the formation of downward price movements. Under these conditions, we anticipate the price may target the support line of the sideways trading range, situated at 3.6700.
A breach of this support level would confirm a shift towards a more bearish trajectory, potentially resulting in substantial losses that may initiate from the 3.5000 level.
For today’s trading, the expected range is projected to be between 3.8500 and 3.6700, with an overall bearish trend bias.
