Copper price provides mixed trades – Forecast today – 24-4-2024

Suggested Scenarios and Trading Range Analysis

1. Scenario 1: Continuation of Bearish Momentum

   The copper price has been influenced by stochastic negativity, leading to the postponement of bullish trades and the initiation of a correctional bearish trajectory. Yesterday, it crawled towards $4.3760, approaching the first target outlined in our previous report.

   • Frequent stability below $4.5400 reinforces the correctional bearish bias.
   • Continuous negative momentum signals from stochastic indicators.
   • Anticipate an attack on the $4.3000 level in the near term.
   • Breaking below $4.3000 could further drive the price down, targeting $4.1500.

Expected Trading Range for Today

Between $4.5100 and $4.3000.

Trend Forecast: Bearish