Expected Scenarios and Trading Range
Scenario 1: Sideways Movement
- Copper price has exhibited more sideways trades recently, consolidating near the $4.6000 level.
- The price action suggests a potential surrender to a correctional bearish track, frequently settling below the bullish channel’s resistance at $4.7000.
Scenario 2: Bearish Momentum
- Stochastic indicators show attempts to exit the overbought areas, indicating increasing negative pressures on near-term trades.
- There's a likelihood of activating the correctional bearish track, with initial targets at $4.4200, followed by a potential touch of the 23.6% Fibonacci correction level at $4.3000.
Trading Range
Expected range for today: $4.6500 - $4.4200
Trend forecast: Bearish