Copper price prepares to resume the decline – Analysis – 12-2-2024

Economies.com
2024-02-12 07:19AM UTC

Copper price confirmed surrendering to the bearish scenario after testing 3.7000 level, confirming its affection by the head and shoulders’ pattern, forming some negative waves by reaching 3.6450, noticing that the major indicators provide the negative momentum to ease the mission of resuming the decline in the near-term and medium-term period, to expect targeting the additional support line extension soon at 3.5900, while breaking it might extend losses towards 3.4000 in the medium term period.

 

The expected trading range for today is between 3.6800 and 3.5900

 

The expected trend for today: Bearish

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