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Copper price suffers some losses – Forecast today – 7-11-2024
Copper price faced strong negative pressures yesterday, to push it to crawl below 4.2600$ support line and face 23.6% Fibonacci correction level at 4.2050$ followed by bouncing bullishly again.
The contradiction between the major indicators confirms surrendering to the domination of the sideways bias, noting that forming continuous obstacle at 4.3900$ against the bullish attempts will increase the pressure on the current trades, to expect attacking 4.2050$ level again, while breaking it will push the price to suffer additional losses by crawling towards 4.1450$ and 4.0800$ levels.
The expected trading range for today is between 4.1500$ and 4.3500$
Trend forecast: Bearish
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