Copper price once again came under bearish pressure as stochastic approached oversold levels. The price slipped below the support at $6.3300 yesterday before hitting the 55-period moving average near $6.2300, reaching our first bearish target.
Continued bearish pressure could force the price to renew its decline, incurring further losses toward $6.1650 and $6.1000. Meanwhile, any attempt to resume the uptrend would require a strong bullish impulse to break and stabilize above $6.4500.
The expected trading range for today is between $6.1650 and $6.3800
Trend forecast: Bearish
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