In the current analysis of copper prices, the prevailing trend remains bearish, with no signs of a shift observed. The price continues its downward trajectory, consistently settling below the critical resistance line of $4.7700. This persistent behavior is underscored by the ongoing negative momentum signals from stochastic indicators, further anchoring the price around the $4.5200 mark, as depicted on the chart.
The presence of these adverse indicators solidifies the anticipation of continued pessimism in the copper market. Analysts suggest maintaining a cautious stance, awaiting further declines that may target additional negative levels in the near term, particularly around the $4.3500 and $4.1500 thresholds.
Looking ahead, the expected trading range for copper prices is forecasted to oscillate between the support level of $4.6000 and the resistance level of $4.3500.
In conclusion, the trend forecast for copper prices remains bearish, with market sentiments pointing towards sustained downward pressure in the foreseeable future.
