The price of copper finds itself subjected to ongoing downward pressures, characterized by its stability at the 3.6600 level. Market analysts are eagerly awaiting a decisive breakthrough below this support, signaling the initiation of the anticipated bearish movement. Several factors contribute to this pessimistic outlook, including the sustained influence of the moving average 55, reinforcing a significant barrier around 3.8500. Furthermore, the negative momentum, as indicated by the stochastic oscillator nearing the 20 level, adds to the bearish sentiment.
Consequently, the market remains in anticipation of the awaited breakout, which could set in motion a series of bearish milestones. This descent might commence with a target near the 50% Fibonacci correction level at 3.5000.
For today’s trading, experts project a range-bound movement with expected fluctuations between 3.7700 and 3.5000. The overall trend for today leans bearish, contingent upon the awaited breakout.
Investors and traders are advised to monitor these developments closely for potential trading opportunities.
