The recent performance of copper prices has unveiled a shift in momentum, with indicators pointing towards a temporary setback in bullish aspirations. Closing below the $5.1600 mark, the market hints at a pause in the upward trajectory, with correctional bearish movements gaining traction, notably touching the $5.0000 threshold.
In the upcoming sessions, the correctional phase is anticipated to potentially extend towards the supplementary support level at $4.8900. This trajectory is attributed to stochastic indicators signaling an exit from overbought territories. However, a resurgence in positive momentum could alter this narrative, propelling prices to surpass present barriers and steer back onto the bullish path. Such a scenario would facilitate the pursuit of fresh gains, possibly targeting levels around $5.3200 and $5.6000 in the medium term.
Expectations regarding the trading range hover between the $5.1500 support and the $4.9000 resistance levels, encapsulating the anticipated fluctuations in copper prices.
With the analysis painting a picture of correctional bearish sentiments amidst stochastic indicators and key price levels, the overall trend forecast for copper remains bearish in the immediate future.
