Copper price tests the initial support – Forecast today – 20-3-2024

Copper price formed temporary negative rebound yesterday due to the lack of the positive momentum, to test the initial support at 4.0200 and settle above it, while confirming the bullish scenario requires holding above this support line to manage to gather the positive momentum and start targeting the positive stations by rallying towards 4.1500 followed by reaching the next main target at 4.3000.

On the other hand, facing new negative pressures and crawling below the current support will force it to postpone the bullish rally and start forming correctional bearish waves, to expect crawling towards 3.9400 first, followed by attempting to test 38.2% Fibonacci correction level at 3.8500.

The expected trading range for today is between 4.0200 and 4.1500

Trend forecast: Bullish