Expected Scenarios
- No change to copper price bearish track, as it keeps providing negative closings below the bullish channel’s resistance line at 4.6800$, to notice forming continuous negative trades by reaching 4.5000$ yesterday.
- We expect to get some sideways trades until gathering the negative momentum by stochastic attempt to exit the overbought areas, to reinforce the chances of targeting negative stations located near 4.4000$ followed by reaching 23.6% Fibonacci correction level at 4.2900$.
Trading Range
Expected trading range for today is between 4.6000$ and 4.4000$
Trend Forecast
Bearish