Copper price under the negative pressure – Forecast today – 3-5-2024

Scenarios

Scenario 1: Continuous Negative Pressure

• Copper price affected by stochastic exit from overbought areas.
• Increased negative pressures on current trades.
• Frequent stability below bullish channel’s resistance line at $4.6800.
• Formation of new negative crawl, touching $4.4600 level.

Scenario 2: Further Downturn Expected

1. Continuous negative pressures anticipated to lead to more losses.
2. Expectation to target $4.4000 level soon.
3. Main target projected at $4.2900.

Trading Range

The expected trading range for today is between $4.6000 and $4.3000.

Trend forecast: Bearish