Copper price touched the $6.6900 level during its latest bullish surge before making a temporary corrective rebound, currently stabilizing near $6.5200. This comes amid the Stochastic indicator fluctuating below the 50 level, which contrasts with the positive stance of the 55-period moving average.

 

We note that repeated stability above the current ascending minor channel support at $6.4500, in addition to the $6.4000 level forming a strong barrier against the current downside movements, supports the bullish scenario. This should facilitate the price’s upcoming advance toward $6.7000, followed by the next target near $6.8500.

 

The expected trading range for today is between $6.4500 and $6.6200

 

Trend forecast: Fluctuated