Copper prices are currently constrained within a tight sideways range, influenced by the stability observed at the $4.0250 support level. This has restrained the metal’s ability to initiate a downward trend, resulting in fluctuations between this support level and $4.1500.
The stochastic indicators are showing signs of exiting the oversold territory, which could lead to a temporary rebound. If copper prices surpass the $4.1500 resistance, they may move towards corrective levels, targeting $4.2100 and $4.2600. Conversely, if the price breaks below the $4.0250 support and maintains levels beneath it, further declines could occur, with potential targets at $3.9200 and, on a medium-term basis, $3.7900.
The expected trading range for today is between $4.0250 support and $4.1500 resistance.
Trend Forecast: Sideways
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