Copper prices have demonstrated resilience around the critical support level of $4.025, a pivotal point that has influenced recent market dynamics. Recent trading patterns indicate a sideways movement between this support and the $4.1500 mark.
Technical indicators, such as the Stochastic oscillator, suggest a potential rebound from oversold conditions. This could prompt a temporary sideways movement, potentially surpassing the $4.1500 resistance level. Should this occur, market analysts anticipate corrective movements targeting levels around $4.2100 and $4.2600.
Conversely, a break below the established support level could pave the way for further declines. Analysts foresee potential downside targets, with initial support seen at $3.9200 followed by $3.7900 over the medium term.
Today’s projected trading range is expected to hover between $4.025 and $4.1500, reflecting ongoing market volatility and the pivotal role of key support and resistance levels in shaping copper’s price action.
Related topics:
How To Invest In Copper Futures?