Copper price continues the positive crawl – Forecast today – 29-4-2024

Copper Price Analysis: Bullish Trend Continues

No change to copper price bullish track as it keeps forming positive crawl and reach 4.5830$ level as appears on the chart, while the frequent stability above the additional support 4.2900$ in addition to stochastic continues positive momentum will ease the mission to reach the bullish channel’s resistance at 4.6730$.

• Note that the price needs to breach the targeted resistance and hold above it to confirm moving to the next positive station that might target new positive stations, starting at 4.8000$ followed by reaching the recently recorded high at 5.0200$.

The expected trading range for today is between 4.4800$ and 4.6730$

Scenario Analysis

Scenario 1: Bullish Momentum Sustained

1. The copper price continues its upward trajectory, maintaining positive crawl and breaching the resistance levels.
2. Stochastic indicators reinforce bullish sentiment, supporting further upward movement.
3. Target prices for the bullish scenario include 4.8000$ and 5.0200$.

Scenario 2: Consolidation Phase

1. Copper price may consolidate within the range of 4.4800$ to 4.6730$.
2. Traders observe for a breakout above 4.6730$ or a retreat towards 4.4800$.

Scenario 3: Bearish Reversal

1. If copper fails to sustain bullish momentum, a bearish reversal might occur.
2. Key support levels to monitor include 4.2900$ and 4.1000$.
3. Traders prepare for potential downside risks and adjust their strategies accordingly.