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Copper Price Repeats Pressure on the Support – Forecast for June 27, 2024

Copper Price Analysis

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Expected Scenario

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Copper prices continue to exert pressure on the critical support line at $4.3500, influenced by negative stochastic indicators that persist within oversold territory. The 55-day Moving Average (MA55) approaching the current support contradicts recent downward attempts.

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Given these conflicting signals among major indicators, a neutral stance is advisable until a confirmation signal for the main trend emerges. This confirmation could occur with a decisive break below the support level and sustained trading below it, which would confirm a bearish outlook targeting potential levels starting at $4.2200 and extending to $4.0500. Conversely, a rally above $4.5000 would signal bullish momentum, targeting $4.6800 initially, followed by resistance at $4.8200.

Expected Trading Range

  • Support: $4.3000
  • Resistance: $4.4500

Trend Forecast: Neutral

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