The price of copper has shown resilience against downward pressures, maintaining a pattern of sideways fluctuation and settling around 3.7500. This trend aims to sustain the potential activation of a bullish trajectory in the near-term period. To solidify this outlook, it is crucial for the price to maintain its position above the support line at 3.6700, while concurrently accumulating positive momentum to facilitate a breakthrough above the barrier at 3.8500. Such a breakthrough could propel trading activities towards achieving favorable gains, with initial targets set at 3.9200 followed by 4.0200.
Conversely, if the price experiences a drop below the key support level, a substantial shift towards negative momentum is likely. Such a scenario could prompt significant losses, leading the price towards the 50% Fibonacci correction level situated at 3.5000.
As the market unfolds, the projected trading range for the day lies between 3.7000 and 3.9200, with the prevailing trend anticipated to remain bullish.
