The price of copper continues to exhibit a sideways pattern, with its current position near the 3.7800 level. This sideways movement has caused the price to remain within the confines of a triangular consolidation pattern. It’s crucial to monitor the breach of key levels, specifically the 3.6600 support and the 3.9100 resistance, as they hold the potential to dictate the future price direction.
Breaking above the 3.9100 resistance level and maintaining this position could trigger a robust bullish rally, with an initial target around the 4.1000 mark. Conversely, a breach of the support at 3.6600 and sustained trading below it would confirm a bearish bias, opening the door for a series of bearish objectives, commencing at 3.5000.
Today’s anticipated trading range is expected to fluctuate between 3.6700 and 3.8500, reflecting the current neutral trend.
Traders are advised to stay vigilant and monitor price movements closely, as decisive breaches of key levels will likely determine the next market direction.
Anticipated Price Trend for Today: Neutral
