Copper is trading at $6.861 on its 5-hour chart, just below its all-time high of $6.8935, with momentum indicators pushing into overbought territory. The broader uptrend remains intact, but stretched conditions and a doji candle at the recent peak point to a possible pullback before any fresh record.
Copper is trading at $6.861 on its 5-hour chart, just below its all-time high of $6.8935, with the rally now stretched even as the broader uptrend holds. The metal has climbed and held above its 200-bar simple moving average of $6.5532, while the SuperTrend indicator near $6.6544 and a rising MACD both confirm buyers remain in control.
Overbought Signals Pile Up
Price now sits nearly 2% above its 20-bar average and is scraping the upper Bollinger Band at $6.8724, with the RSI reading 65.46, close to classic overbought levels. A doji candle printed at Monday's $6.8935 peak, a classic sign of hesitation near a major high, adding to the case that a pullback is more likely than fresh highs right now.
Key Levels: $6.65 Support, $7.025 Target
The 50% Fibonacci retracement sits at $6.651, with the first major extension target at $7.025 if copper clears its record high on strong volume. Below current price, $6.65 stands as the key level to watch on pullbacks, where the 50-day moving average, SuperTrend, and Fibonacci levels all converge. That confluence of levels marks a key support level for dip buyers to defend, while $6.90 remains the level buyers need to clear on strong volume to extend the advance.
Bull and Bear Setups
The $6.75–6.87 range is flagged as a no-trade zone after choppy price action there recently made fresh entries unreliable. Bullish setups favor a pullback toward $6.73 or a breakout above $6.90, while bearish setups look for a rejection at $6.87 or a breakdown below $6.72, though the prevailing uptrend keeps short positions the riskier bet.
Source: Investing.com
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