Commodities
Copper Traders Face Off Against Oversold Conditions
Copper is trading below its 200-period simple moving average on the 5-hour chart, currently at $6.569, amid strong bearish momentum.
The Money Flow Index has dropped to 13.4, a level typically associated with extreme oversold territory, while trend-following tools like SuperTrend and MACD reinforce ongoing selling pressure.
Price is pinned in the $6.41, $6.57 zone, with key support at $6.41 and primary resistance at $6.57.
The current environment is described as a high-risk, high-reward phase where deeply oversold conditions sit opposite a strong downtrend.