Copper price still bullish – Analysis – 5-12-2023

Economies.com
2023-12-05 05:58AM UTC

Copper price lost the positive momentum after stochastic exit from the overbought areas, forming negative rebound towards 3.8000 as appears on the chart, reminding you that the bullish scenario will remain valid as long as 3.7400 level forms the support line, in addition to the MA55 consolidation near it.

 

These factors allow us to wait to gather the additional positive momentum to assist to activate the bullish rally that might target 3.9200 level soon, followed by waiting to touch the next main target at 4.0200.

 

The expected trading range for today is between 3.7800 and 3.9200

 

The expected trend for today: Bullish

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