Copper appears poised to resume its upward trajectory, supported by technical indicators.
Copper prices maintained stability above the 50% Fibonacci retracement level, currently acting as a key support at $3.6600. This development is seen as a positive signal for the resumption of the bullish trend.
Technical indicators lend further support to the outlook. The stochastic oscillator is showing early signs of generating positive momentum, while the 55-day moving average is approaching the key support level—together suggesting a favorable environment for renewed buying activity.
Market analysts expect copper to initiate a new round of upward movement, with an initial target at $4.8900. A successful push past that level could open the door to the next upside target near $5.0300.
The anticipated trading range for the session is projected between $4.7000 and $4.8900.
Trend Outlook: Bullish
