Copper price has recently shown slow sideways trading, maintaining its position near the $6.3000 level, affected by the ongoing conflict between the attempt of Stochastic to provide negative momentum and the positioning of the 55-period moving average below the current trading levels, as shown in the attached chart.

 

We remind you that the previously suggested bearish corrective scenario remains valid, based on the continuation of the $6.6000 level acting as a strong resistance barrier. This keeps the negative outlook in place, with the price likely targeting the $6.1000 level soon. A break below this obstacle would allow the price to reach further corrective stations, starting from $5.9200 and $5.8000 respectively.

 

 

The expected trading range for today is between $6.1000 and $6.4200

 

Trend forecast: Bearish