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Copper prices successfully tested the $2.2600 support line yesterday, marking the beginning of a bullish rally that has allowed the price to rise above the 55-day moving average (MA55). Currently, copper is stabilizing near the $4.3500 mark.
Moreover, stochastic indicators are beginning to show positive momentum, which enhances the likelihood of an upward movement towards the $4.4500 resistance level. Should this barrier be breached, it could pave the way for further gains, potentially reaching new stability targets at the $4.5300 and $4.6900 levels.
For today, the anticipated trading range for copper is projected to be between $4.3000 and $4.4500.
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