Copper Price Stuck Below 200 SMA Amid Oversold Signals and Bearish Momentum

Copper prices are experiencing a tense standoff between oversold signals and strong bearish momentum. The 200-period Simple Moving Average (SMA) is currently at $6.569, while the price remains below this level at $6.48. This has led to a tug-of-war on the copper market, with deep oversold signals clashing with fierce selling pressure. Key indicators such as SuperTrend and the Money Flow Index are pointing to enduring bearish momentum. However, recent candles show lower wicks, suggesting that buyers may be trying to stage a defense at these levels. The battle lines are drawn at $6.41 (50% Fibonacci retracement) and $6.57 (broken support now acting as resistance). A breakdown below $6.40 could lead to a steeper drop towards $6.29 or $6.15, while any rally failing to overcome the $6.57-$6.60 range may turn lower. It's essential for traders to be cautious and use stop-losses just beyond invalidation points to manage their risk.