In recent trading sessions, copper prices have shown resilience, breaking through the resistance of the bullish channel at $4.7500. This breakout suggests a readiness to resume the bullish momentum, with an initial target set at the $4.8300 level.
To ensure the integrity of this bullish trend, it is prudent to await confirmation through a new close above the breached resistance level. Such confirmation would solidify the bullish scenario, potentially propelling prices towards the $5.0200 mark, which represents a previous high. Beyond this point, the market could endeavor to achieve new historical gains, with targets set at $5.2600 and $5.6400 levels.
The expected trading range for copper prices is forecasted to fluctuate between the support level at $4.7500 and the resistance level at $5.0200.
In summary, the trend forecast for copper remains bullish, underpinned by recent price actions and the potential for further upward movement. Investors are advised to monitor closely for confirmation signals to capitalize on potential opportunities within this dynamic market.
