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Copper Price Faces Correction, Bullish Trend Still Intact

by Daisy

Copper prices lost their positive momentum after reaching the $4.4300 level, leading to a temporary negative rebound as the price consolidates near $4.3000.

However, the 55-period Moving Average (MA55), situated below current price levels, along with the 23.6% Fibonacci correction at $4.2000, is expected to provide strong support. This reinforces the bullish outlook, with the potential for a renewed rally targeting the $4.5300 level.

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The expected trading range for today is between $4.2500 support and $4.5300 resistance.

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Trend Forecast: Bullish

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