Copper Price Maintains Positive Momentum – Forecast for April 29, 2024

by Jennifer

The bullish trend in copper price remains unchanged as it continues its upward trajectory, reaching the level of $4.5830 as depicted on the chart. Furthermore, the price demonstrates frequent stability above the additional support level of $4.2900, coupled with the continued positive momentum observed in the stochastic indicator. These factors collectively facilitate the progression towards the resistance level of the bullish channel, situated at $4.6730.

It is imperative to highlight that for the bullish momentum to persist, the price must successfully breach the targeted resistance level and sustain its position above it. Such a move would validate the transition to the next positive phase, potentially targeting new highs beginning at $4.8000, followed by the recent peak recorded at $5.0200.


Expected Trading Range for Today:

  • Support: $4.4800
  • Resistance: $4.6730

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