Copper price still bearish – Forecast today – 7-5-2024

Expected Scenarios and Trading Range

Scenario 1: Sideways Movement

• Copper price has exhibited more sideways trades recently, consolidating near the $4.6000 level.
• The price action suggests a potential surrender to a correctional bearish track, frequently settling below the bullish channel’s resistance at $4.7000.

Scenario 2: Bearish Momentum

• Stochastic indicators show attempts to exit the overbought areas, indicating increasing negative pressures on near-term trades.
• There's a likelihood of activating the correctional bearish track, with initial targets at $4.4200, followed by a potential touch of the 23.6% Fibonacci correction level at $4.3000.

Trading Range

Expected range for today: $4.6500 - $4.4200

Trend forecast: Bearish