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