Copper Trapped Below 200 SMA: Oversold Signals Clash with Bearish Momentum

Copper's price remains below its 200-period Simple Moving Average (SMA) at $6.48, sparking a tug-of-war between bearish momentum and oversold signals on the 5-hour chart.

The trend-trading rules favor patience on bulls as long as the price holds below the 200 SMA, while key momentum indicators like SuperTrend and MACD point to enduring selling pressure.

However, the Money Flow Index is at a rock-bottom 13.4, indicating deep oversold conditions that could lead to a snap-back rally or plunge continuation.

The battle lines are drawn around the $6.41, $6.57 band, with potential targets ranging from $6.40 to $6.89, depending on whether buyers stage a defense or bears continue their momentum.