Advertisements

Copper Price Analysis: Resistance Persists Despite Bullish Indicators

by Daisy

Recent market movements in the copper sector have seen little change despite notable efforts from key indicators to ignite positive momentum. The bullish channel’s resistance at $4.7500 has proven formidable, impeding any significant shift towards a more favorable trajectory. Instead, the market continues to experience a lateral fluctuation, hovering near $4.6800.

Currently, stochastic indicators show signs of exiting overbought territories, heightening the likelihood of triggering a corrective bearish trend as previously suggested. It’s worth noting that initial correction targets are anticipated around $4.4200, with further support expected at $4.3000, representing the primary objectives for bearish trading endeavors.

Advertisements

The projected trading range remains bounded between the support level at $4.7200 and the resistance level at $4.4500.

Advertisements

Trend Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News