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Copper Price Bullish Momentum Faces Resistance at $5.1600

by Daisy

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.

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The anticipated trading range is expected to fluctuate between the support level at $5.1700 and the resistance level at $5.0000.

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Overall, the trend forecast remains bullish, but traders should remain vigilant of potential resistance zones and corrective movements in the near term.

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