The copper market has maintained its position above the critical $4.3500 support line. This stability, bolstered by the MA55, has prevented a shift towards a negative trajectory for now.
Additionally, the stochastic indicator’s efforts to move out of oversold territories are expected to generate the necessary positive momentum. This momentum could renew bullish attempts, potentially driving prices to the $4.5500 level in the near future, and eventually aiming for $4.6800. It is crucial for prices to stay above the $4.3500 support to sustain this upward movement.
Expected Trading Range
Copper prices are anticipated to trade between the $4.3000 support and the $4.5500 resistance levels.
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