Copper COPPER technical analysis

Copper is in an uptrend, confirmed by price above the daily SMA20 at 6.5864, with momentum positive as shown by RSI14 at 67 on the daily and 60 on the 4-hour. The 4-hour chart shows price battling the top of a major support zone at 6.4955-6.746, which has seen 26 touches, while overhead resistance sits at 6.8355-6.873 with 2 touches. A rising support trendline at ~6.68607 adds nearby structure, with a lower daily support shelf at 6.5705-6.6525 (5 touches).

For bulls, a sustained hold above the 4-hour trendline at 6.68607 and a push through the 6.8355-6.873 resistance would extend the upward move, with daily SMA20 support at 6.5864 as a fallback. Bears need to force a break below 6.746, the upper boundary of that 26-touch zone, to expose the denser daily support at 6.5705-6.6525. A deeper breakdown targeting 6.5-6.521 would require clearing that 26-touch floor first, but momentum currently favors the buyers.