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Copper Price Holds Above Support – Forecast for July 2, 2024

Copper Price Analysis:

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Expected Scenario:

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Copper price has successfully resisted negative pressures and closed positively above the current support level of 4.3500$. This suggests a continuation of the previously indicated bullish trajectory, with indications of forming bullish waves as it approaches the 4.4000$ mark. Additionally, stochastic indicators are beginning to show positive momentum, thereby enhancing the likelihood of targeting the initial resistance level at 4.5500$. Further upward movement beyond this point could extend trades towards the subsequent target at 4.6800$.

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Conversely, a reversal below the current support level could activate a corrective bearish trend. In such a scenario, the price may encounter several declines, potentially testing support levels around 4.1500$ and 4.0200$.

Expected Trading Range:

Today’s anticipated trading range for copper spans from support at 4.3300$ to resistance at 4.5500$.

Trend Forecast: Bullish

In summary, the forecast for copper indicates a bullish trend continuation, supported by its ability to maintain levels above key support and the emergence of positive momentum in stochastic indicators. Traders are advised to monitor price movements closely around the identified support and resistance levels to navigate potential market fluctuations effectively.

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