Copper prices have been characterized by their recent meandering within a tight trading range, primarily delineated by the major support level at 3.6500 and the resistance level at 3.9300.
The prevailing market sentiment suggests that copper is currently under the sway of a sideways bias, with the potential for a definitive trend awaiting confirmation through a breach of either the aforementioned support or resistance levels. It is worth noting that a breakthrough above the resistance level, coupled with a positive closing, could significantly bolster the likelihood of a renewed bullish assault. Initial targets for such a bullish move might include 4.0200 and 4.3000 levels.
For today’s trading session, the expected trading range is forecasted to extend from the resistance level at 3.9200 to the support level at 3.7000.
In summary, the copper market currently navigates within a narrow trading range, leaning towards a sideways stance. The awaited trend direction remains contingent on a decisive move beyond the established support or resistance levels, with a bullish inclination manifesting if resistance is breached with a positive close.
