Copper Overbought uptrend, The Week Ahead 03rd March ‘25
Copper maintains a bullish sentiment, supported by a longer-term uptrend. However, the recent price action suggests a corrective pullback toward a key support zone, which could determine the next major move.
Key Levels to Watch
Resistance Levels: 9440 (200 DMA), 9650, 9950
Support Levels: 9260, 9160 (50 DMA), 9060
Bullish Scenario
A successful retest and bounce from the 9260 support level, which aligns with the rising trendline and previous consolidation zone, could reaffirm bullish momentum. If this level holds, Copper could target the 9440 resistance (200 DMA), with further upside potential toward 9650 and 9950 in the longer term.
Bearish Scenario
A confirmed breakdown below 9260, with a daily close beneath this level, would weaken the bullish outlook. This could lead to a deeper retracement toward the 9160 support (50 DMA), with extended downside risk toward 9060 if selling pressure persists.
Conclusion
While Copper remains in a broader uptrend, the 9260 level serves as a key pivot point. A bullish bounce from this level could signal trend continuation, while a breakdown below it may indicate further corrective weakness. Traders should monitor these levels closely for confirmation of the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels to Watch
Resistance Levels: 9440 (200 DMA), 9650, 9950
Support Levels: 9260, 9160 (50 DMA), 9060
Bullish Scenario
A successful retest and bounce from the 9260 support level, which aligns with the rising trendline and previous consolidation zone, could reaffirm bullish momentum. If this level holds, Copper could target the 9440 resistance (200 DMA), with further upside potential toward 9650 and 9950 in the longer term.
Bearish Scenario
A confirmed breakdown below 9260, with a daily close beneath this level, would weaken the bullish outlook. This could lead to a deeper retracement toward the 9160 support (50 DMA), with extended downside risk toward 9060 if selling pressure persists.
Conclusion
While Copper remains in a broader uptrend, the 9260 level serves as a key pivot point. A bullish bounce from this level could signal trend continuation, while a breakdown below it may indicate further corrective weakness. Traders should monitor these levels closely for confirmation of the next directional move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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