Copper price loses the positive momentum – Forecast today – 23-4-2024

Copper Price Analysis

Expected Scenario

• The Copper price ended the recent bullish rally by touching 4.5400$ level followed by forming correctional bearish rebound, affected by stochastic exit from the overbought areas, to lose the required positive momentum to resume the bullish attempts.
• The continuous negative pressures might force the price to provide new correctional bearish trades to expect targeting 4.3050$ level before achieving any new positive target, while succeeding to gather the positive momentum and providing new close above 4.5400$ will ease the mission to reach the positive station near 4.6400$ and 4.7800$.

Expected Trading Range

Between 4.5100$ support and 4.3000$ resistance.