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Copper Price Demonstrates Persistent Sideways Movement

by Jennifer

The price of copper has shown resilience against downward pressures, maintaining a pattern of sideways fluctuation and settling around 3.7500. This trend aims to sustain the potential activation of a bullish trajectory in the near-term period. To solidify this outlook, it is crucial for the price to maintain its position above the support line at 3.6700, while concurrently accumulating positive momentum to facilitate a breakthrough above the barrier at 3.8500. Such a breakthrough could propel trading activities towards achieving favorable gains, with initial targets set at 3.9200 followed by 4.0200.

Conversely, if the price experiences a drop below the key support level, a substantial shift towards negative momentum is likely. Such a scenario could prompt significant losses, leading the price towards the 50% Fibonacci correction level situated at 3.5000.

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As the market unfolds, the projected trading range for the day lies between 3.7000 and 3.9200, with the prevailing trend anticipated to remain bullish.

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