Suggested Scenarios and Trading Range Analysis
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Scenario 1: Continuation of Bearish Momentum
The copper price has been influenced by stochastic negativity, leading to the postponement of bullish trades and the initiation of a correctional bearish trajectory. Yesterday, it crawled towards $4.3760, approaching the first target outlined in our previous report.
- Frequent stability below $4.5400 reinforces the correctional bearish bias.
- Continuous negative momentum signals from stochastic indicators.
- Anticipate an attack on the $4.3000 level in the near term.
- Breaking below $4.3000 could further drive the price down, targeting $4.1500.
Expected Trading Range for Today
Between $4.5100 and $4.3000.
Trend Forecast: Bearish