Copper prices have resumed their bullish movement, reaching the second target at $4.6900. However, the 61.8% Fibonacci retracement level may pose resistance, potentially hindering further upward movement.
Additionally, stochastic indicators have entered the overbought zone, suggesting the possibility of a consolidation phase or sideways trading, with potential for a slight pullback towards the $4.5400 level. A successful breakout above the current resistance could pave the way for further gains, with the next key target at $4.8100.
The expected trading range for today is between $4.5800 and $4.6800.
Trend Forecast: Bullish
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