The recent trajectory of copper prices suggests a noteworthy shift in sentiment as the market grapples with key support levels and potential bullish momentum. Following a corrective bearish rebound, copper prices found stability around the critical $4.7300 support line, indicating a potential reinforcement of the primary bullish trajectory.
However, analysts caution that the sustainability of this bullish outlook hinges on the ability of copper prices to maintain stability above the aforementioned support line. Any breach of this support level, coupled with sustained trading below it, could swiftly nullify the positive sentiment, paving the way for a resurgence of the negative track. In such a scenario, market participants may anticipate significant losses, with initial downside targets projected at $4.5200, followed by a potential descent to $4.3100.
Considering the current dynamics, the expected trading range for copper prices is delineated between the $4.7200 support and the $5.000 resistance levels. This range underscores the delicate balance between bullish and bearish forces in the market, with each level serving as a crucial determinant of near-term price action.
In light of these factors, the overall trend forecast for copper remains bullish, contingent upon the resilience of key support levels and potential breakout above resistance barriers. Market participants are advised to closely monitor price movements and adjust their trading strategies accordingly to capitalize on emerging opportunities while mitigating risks.
