COPPER above 200DMA, The Week Ahead 24 Feb ‘25

The COPPER price action sentiment appears bullish, supported by the longer-term prevailing uptrend. The recent intraday price action appears to be a corrective pullback towards the previous consolidation price range and also the rising support trendline zone.

The key trading level is at the 9260 level, the previous consolidation price range and also the rising support trendline zone. A corrective pullback from the current levels and a bullish bounce back from the 9260 level could target the upside resistance at 9445 (200-day moving average) followed by the 9650 and 9950 levels over the longer timeframe.

Alternatively, a confirmed loss of the 9260support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 9130 (50 Day Moving Average) support level followed by 9060.

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