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Copper Price Hits the First Target – Forecast for Today, July 4, 2024

Copper Price Analysis

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Expected Scenario

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Copper price has successfully resumed its bullish rally, achieving the first main target at $4.5500 and settling near this level. The frequent stability of the MA55 around the $4.3300 support line and stochastic indicators attempting to move towards overbought areas suggest a continuation of the bullish momentum.

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We anticipate the bullish trend to persist, aiming to target the second station at $4.6900, which represents an extension of a key resistance level as depicted on the chart.

Expected Trading Range

Support: $4.4200

Resistance: $4.6500

Trend Forecast: Bullish

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