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Copper Price Leans Above Moving Average – June 28, 2024

Copper Price Analysis

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The price of copper has maintained its consolidation above the $4.3500 support level without confirming a break below it. This stability above the MA55 (Moving Average 55) is currently preventing a move towards the negative track. Additionally, stochastic indicators are showing signs of exiting oversold territory, suggesting potential positive momentum to support renewed bullish attempts.

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Expected Scenario

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The outlook anticipates the copper price targeting the $4.5500 level in the near term, followed by a further move towards $4.6800. It is crucial for the price to hold above the aforementioned support level to sustain this bullish momentum.

Expected Trading Range

For today, the expected trading range for copper is between the support level of $4.3000 and the resistance level of $4.5500.

Trend Forecast: Bullish

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