Copper prices have maintained a subdued pace over the past week, hovering near the 3.6500 level. During this time, there have been no new indications of a downward move, a situation potentially influenced by the stability of the stochastic indicator, which has been consistently above the 20 level.
Further reinforcing the notion of a bearish trajectory is the consistent presence of price levels below the 3.8500 barrier. This persistent condition underscores the likelihood of continued sideways trading as traders await the accumulation of negative momentum. A crucial juncture lies in the ability to breach the 3.5000 level, which could then pave the way for the next downward target at 3.3700.
For the day ahead, the expected trading range is forecasted to oscillate between 3.7000 and 3.5500.
Today’s prevailing trend is anticipated to be bearish, contingent on the ability to break through crucial support levels.
