Copper is testing resistance where the 200 SMA and the 50% Fibonacci retracement meet, around USD 6.6312-6.6500. Investing.com's technical analysis names a sharp mean reversion as the primary risk, because momentum on the 5h timeframe is extremely overbought.
Copper sits at USD 6.6533 as price tests critical resistance, and the analysis rates the setup neutral at that level. A Bullish Marubozu candlestick formed at the same price on 2026-10-27, which the analysis reads as strong buying pressure into resistance.
Resistance stacks at USD 6.6500
The 50% Fibonacci retracement sits at USD 6.6500, calculated from a V-Bottom at USD 6.3715. The 200 SMA sits at USD 6.6312, and price trades above it, which the analysis describes as the long-term trend attempting a reversal.
Above that, the 61.8% retracement sits at USD 6.7157. Trendline resistance stands at USD 6.8000 after two touches. Trendline support at USD 6.4000 has three touches.
Momentum points both ways
The analysis lists bullish signals. The MACD line reads 0.0177 against a signal of -0.0055. The SuperTrend indicator is up at USD 6.4984.
Bears point to the Money Flow Index. It stands at 97.67, an extreme overbought condition that the analysis says warns of exhaustion. The RSI is lower, at 66.28, approaching overbought territory.
Long scenario targets USD 6.7157
The analysis lays out a long scenario with an aggressive entry at USD 6.6600 on a 5h close above the 200 SMA. A conservative entry waits for a pullback to the 50 SMA at USD 6.5642, with a stop at USD 6.4900 below SuperTrend support.
The listed targets run from USD 6.7157 to USD 6.8000 and then USD 6.9285, the previous macro high. The analysis assigns the setup medium confidence and warns of rejection at the 200 SMA leading to a bull trap, flagging USD 6.6800 as the preservation alert level.
Source: Investing.com
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