Copper prices are once again testing the $4.1500 level, buoyed by a stochastic indicator signaling overbought conditions. This suggests a potential upward movement could be on the horizon, provided the price confirms a breakthrough above this barrier. A successful breach could open the door to higher targets, including $4.2400 and potentially reaching the 23.6% Fibonacci retracement level at $4.3900.
Conversely, failure to confirm the breach could lead to fluctuating prices, with a possible decline towards $4.0250. This drop might be necessary for the market to gather sufficient positive momentum to revisit the previously anticipated higher targets.
Today’s expected trading range for copper is between $4.0900 and $4.2400.
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