Copper price settles below the resistance – Forecast today – 1-5-2024

Scenarios and Trading Range

Expected Scenarios

• Copper price closed below the bullish channel’s resistance at 4.6800$ yesterday.
• Stochastic attempted to exit the overbought areas.

To hinder the attempts to resume the rise, a correctional bearish rebound was noticed by settling near 4.5200$.

This confirms postponing the bullish attack, increasing the chances of resuming gaining profits and crawling towards 4.4200$ level, followed by reaching the additional support at 4.3000$.

If the resistance is breached and held above, it will reinforce the attempt to resume the bullish attack, expecting to target the 4.8000$ level initially.

Trading Range

The expected trading range for today is between 4.6700$ and 4.4000$.

Trend Forecast

Bearish