Copper price is forced to decline – Analysis – 4-4-2023

Copper price faced new negative pressures yesterday after stochastic reach to 20 level, to force it to form correctional bearish waves and face 4.0200 support line.

We expect to continue postponing the bullish attempts to suffer additional losses soon that might extend towards 3.8500, to test 38.2% Fibonacci correction level, while rallying above 4.1500 level will support the domination of the bullish bias again and manage to achieve many gains in the upcoming period by moving towards 4.300 as a first main target.

The expected trading range for today is between 4.1500 and 3.9500

The expected trend for today: Bearish temporarily