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Copper price repeats the pressure on the support – Forecast today – 27-6-2024
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Copper price repeats the pressure on the support – Forecast today – 27-6-2024
Jun 27, 2024 12:13 AM

Copper Price Analysis Expected Scenario Copper price continued to form clear threat to the stability of 4.3500$ support line, affected by stochastic negativity that settles within the oversold areas, noticing the MA55 approach to the current support to contradict the recent negative attempts. These factors along with the continuous contradiction between the major indicators allow us to stay neutral until getting confirmation signal for the main trend by breaking the support and holding below it to confirm targeting many negative stations that might start at 4.2200$ and 4.0500$, or rallying positively and settling above 4.5000$, which will motivate the bullish rally to target 4.6800$ initially, followed by pressing on 4.8200$ barrier. Expected Trading Range Between 4.3000$ support and 4.4500$ resistance.

Trend Forecast: Neutral

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