The price of copper recently tested the additional support level at $6.1000, which has formed a strong barrier against attempts to resume the corrective decline. As a result, we are currently seeing some positive waves forming, with the price stabilizing near $6.3600.

 

We expect the price to be influenced by sideways movement dominance due to its repeated confinement between the previously mentioned support level, while the $6.6600 level continues to act as a strong barrier at the moment. However, the stochastic indicator attempting to provide negative momentum increases the chances of renewed corrective moves, which may pressure the support again and create an opportunity to resume the corrective downtrend in the short to medium term.

 

Expected trading range for today: between $5.1000 and $6.4200

 

Today’s forecast: Bearish, as long as the resistance holds