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Copper prices have remained in a sideways trading pattern near the $4.5600 level, struggling to surpass the positive influence of the 55-period moving average. This resistance has kept the price within a range, while reinforcing the bearish outlook. The price remains on track to potentially reach the $4.4500 support level, with further downside targets near the 23.6% Fibonacci retracement level at $4.3100.
A move above $4.6600 could delay the bearish pressure, as it may trigger a rally toward the next resistance at $4.9100.
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Today’s projected trading range: $4.4500 to $4.6600
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Trend outlook: Bearish
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