Copper price keeps the correctional bearish track – Forecast today – 2-5-2024

Expected Scenarios

1. No change to copper price bearish track, as it keeps providing negative closings below the bullish channel’s resistance line at 4.6800$, to notice forming continuous negative trades by reaching 4.5000$ yesterday.
2. We expect to get some sideways trades until gathering the negative momentum by stochastic attempt to exit the overbought areas, to reinforce the chances of targeting negative stations located near 4.4000$ followed by reaching 23.6% Fibonacci correction level at 4.2900$.

Trading Range

Expected trading range for today is between 4.6000$ and 4.4000$

Trend Forecast

Bearish