Copper Price Analysis: Consolidation Phase Indicates Bullish Continuation – 16-5-2024

by Jennifer

The copper price approached the first additional target at $5.1600 in recent trading sessions, subsequently initiating a period of sideways trading as it settles near the $5.000 level. This consolidation phase signifies a temporary pause, allowing the market to gather additional positive momentum before confirming the continuation of the upward trajectory in upcoming sessions.

It’s important to emphasize the significance of maintaining stability above the $4.7500 level, as it serves as a major factor in sustaining the bullish track. As such, the current environment supports ongoing bullish attempts, with anticipation for the gathering of positive momentum to facilitate a breakthrough above the $5.1600 level, followed by an attempt to reach the next main target at $5.5800.


Expected Trading Range: The projected trading range is expected to span between $4.8800 and $5.1600.


Trend Forecast: The trend forecast remains bullish, with the market showing resilience and determination to continue its upward movement. Traders should monitor key support and resistance levels closely for potential entry and exit points.

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