The price of copper has continued its bullish trajectory, surpassing the historical target outlined in our previous analysis at $5.1900, before retracing slightly below $5.1600, as depicted on the chart.
With the stochastic indicator entering overbought territory, there is a likelihood of sideways movement in the price action. It’s worth noting that a firm resistance is forming around $5.1600, which could impede further bullish advances and potentially trigger a corrective bearish phase, targeting $4.9000 before any new significant upside.
The anticipated trading range is expected to fluctuate between the support level at $5.1700 and the resistance level at $5.0000.
Overall, the trend forecast remains bullish, but traders should remain vigilant of potential resistance zones and corrective movements in the near term.