No change on copper price’s current negativity by its repeated fluctuation below 50%Fibonacci correction level at $4.6600, besides the continuation of suffering negative pressure by stochastic approach from 20 level, therefore, we will keep preferring the negative trading in the near period, which might target $4.5500 reaching the support at $4.4900.

 

 Note that regaining the bullish bias is conditioned by forming a strong bullish rally, to succeed to breach 61.8%Fibonacci correction level at $4.8100.

 

The expected trading range for today is between $4.5000 and $4.6600

 

Trend forecast: Bearish