Copper price trading fluctuated in its last intraday trading, amid the dominance of bearish corrective wave on the short-term basis, affected by breaking minor bullish trendline, besides the continuation of the negative pressure due to its trading below EMA50, reducing the chance of the price recovery on the near-term basis, especially with the emergence of negative overlapping signals on the relative strength indicators, after reaching overbought levels, exaggeratedly compared to the price move, indicating the beginning of forming negative divergence, intensifying the negative pressure.

 

Therefore, our expectations suggest a decline in copper price’s upcoming intraday trading, especially if it settles below $5.1375, targeting the key support at $5.0885 and there are strong chances of breaking it.

 

The expected trading range for today is between $5.0885 and$5.1590

 

Trend forecast: Bearish