Copper started activating profit-taking attempts after recently stabilizing below the 100% Fibonacci extension level at $6.5400, as it is currently drifting toward $6.3000.

 

We note that the formation of $6.5400 as an additional resistance level, along with the stochastic indicator showing negative momentum by exiting overbought territory, may push the price to continue corrective trading, potentially targeting $6.2400 soon, with initial support located at $6.1000.

 

The expected trading range for today is between $6.2400 and $6.500

 

Trend forecast: Bearish