In recent market activity, the price of copper faced significant resistance, failing to breach the $4.8500 threshold. This failure prompted a downward movement, with the commodity testing and settling below the $4.7500 support line, as indicated by the latest chart data. Additionally, the stochastic indicator’s exit from the overbought territory is anticipated to exert further downward pressure on ongoing trades. Analysts are thus predicting the potential activation of a corrective bearish trend, with key downside targets at $4.5200 and $4.3100.
Conversely, a decisive breakout above the $4.8500 resistance level, coupled with a positive closing, could signal a reversal of fortunes for copper, reasserting a bullish trajectory. It’s worth noting that in such a scenario, bullish momentum could drive prices towards the $4.9500 mark, followed by a potential retest of the $5.1500 recorded high.
The projected trading range is expected to oscillate between the support level at $4.8300 and the resistance level at $4.5200.
In conclusion, the prevailing trend forecast for copper leans bearish, contingent upon its ability to breach key resistance and support levels in the coming sessions. Traders are advised to monitor market developments closely for potential shifts in momentum.
