The copper price has exhibited a series of positive closings above the significant support level at $4.7500, signaling bullish momentum in the market. This trend is further reinforced by the formation of bullish waves, with the primary target set at surpassing the intraday obstacle situated at $4.8600.
In order to sustain this upward trajectory, it is imperative to continue gathering positive momentum, which will facilitate the journey towards key resistance levels near $5.0200 and $5.1500. Conversely, a breach of the current support level, coupled with a sustained position below it, would negate the bullish outlook, paving the way for a potential reversal towards lower price points.
In such a scenario, the market may face significant losses, with the possibility of downward movement commencing at $4.5200 and extending towards $4.3100.
Expected Trading Range: The expected trading range lies between the support level at $4.7200 and the resistance level at $5.000.
Trend Forecast: Bullish
