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Copper prices have recently extended their trade towards 3.7000, testing a crucial barrier, in addition to the MA55. This move follows a stochastic rally towards the 80 level, suggesting a temporary delay in the negative attack.
The continuous positive pressure on copper may lead to the formation of a corrective bullish rebound. Should the price surpass the current barrier, it is expected to target 3.7650 in the near term, followed by an attempt to reach the main resistance at 3.8500. To resume the bearish trajectory, strong downward momentum is required, with prices settling below 3.6100 and further pressure towards the 3.5000 obstacle.
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The anticipated trading range for the day is between 3.6400 and 3.7500.
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Today’s expected trend: Bullish
