Copper Breaks Down to New Lows

The markets have finally made their move, but confirmation is still needed to determine the direction of prices. The Copper market broke below 86.10, triggering a bearish scenario, and sellers reached 82.83, effectively delivering the target at 82.90.

Anna notes that today's price action also produced a breakdown below the 50% Fibonacci retracement of the entire previous advance. This suggests that the decline may not be finished yet, with the 81.85 area being the next battleground and potentially deciding the direction of the next move.

The key support areas to watch are 81.85 and 80, with a breakdown below 81.85 opening up another opportunity for sellers to push prices down. On the other hand, if bulls defend 81.85, a move back toward the broken lower boundary of the orange consolidation could be possible.