The recent bullish momentum in copper prices came to a halt as the market reached the $4.5400 level, followed by a corrective bearish rebound. Stochastic indicators exiting the overbought zones contributed to this reversal, stripping away the necessary positive momentum required to sustain the upward trajectory.
With persistent downward pressure, the copper price is anticipated to engage in further corrective bearish movements, potentially targeting the $4.3050 level before any substantial resurgence in bullish sentiment. However, a successful accumulation of positive momentum leading to a close above $4.5400 could pave the way for an upward move towards the $4.6400 and $4.7800 levels.
The expected trading range for copper is forecasted to be between the support level of $4.5100 and the resistance level of $4.3000.
Trend Forecast: Bearish
