The copper market remains entrenched in a bullish trajectory, sustaining positive momentum and scaling to the $4.5830 mark, as illustrated on the chart. The consistent resilience above the supplementary support level of $4.2900, coupled with the steadfast positive momentum of the stochastic indicators, augments the likelihood of a smooth progression towards the resistance barrier within the bullish channel, positioned at $4.6730.
It is imperative to note that breaching the targeted resistance and maintaining a stronghold above it is pivotal to affirm the transition towards subsequent optimistic milestones. These milestones include potential advancements towards fresh highs, commencing at $4.8000, followed by the recent peak at $5.0200.
Today’s projected trading range is anticipated to fluctuate between $4.4800 and $4.6730.
Scenario Analysis:
Scenario 1: Sustained Bullish Momentum
The trajectory of copper price sustains its upward trajectory, reinforcing positive momentum and surpassing resistance thresholds.
Stochastic indicators align with the prevailing bullish sentiment, bolstering prospects for further upward movements.
Target prices under this scenario encompass $4.8000 and $5.0200, respectively.
Scenario 2: Consolidation Phase
A consolidation phase is envisaged, with copper price oscillating within the range of $4.4800 to $4.6730.
Traders are advised to monitor for potential breakouts above $4.6730 or retreats towards $4.4800 to strategize accordingly.
Scenario 3: Bearish Reversal
In the event of an inability to sustain bullish momentum, a bearish reversal might ensue.
Critical support levels at $4.2900 and $4.1000 warrant close observation, with traders urged to adjust strategies to mitigate potential downside risks.
