Copper prices have been exhibiting sideways trading patterns, recently settling near the $4.3500 support line. This movement has been influenced by negative momentum signals from the stochastic indicator.
To confirm a bullish trend, copper prices need to hold above the current support level. This stability is crucial for the market to rally towards the next targets of $4.5500 and $4.6800. However, if the negative pressures persist, copper prices may decline below the current support. Such a decline would likely push prices below the 55-day moving average (MA55), signaling a shift to a bearish trend. In this scenario, significant losses could occur, with prices potentially dropping to $4.1500 and $4.0200.
Expected Trading Range
The expected trading range for copper prices is between $4.3000 and $4.5500.
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