Copper price remains range-bound while short-term buyer support limits downside

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Copper slips 0.23% to $6.51 today

Highlights

Copper trades above short-term but below medium-term averages, indicating a short-term upward bias with medium-term selling pressure.
The market structure remains bullish in the long term, with price holding above critical long-term support levels.
Projected range for the next 2 to 3 days is $6.4565 to $6.5771, with a 58% probability of moving lower and prevailing mixed momentum signals.

Mixed momentum emerges as technical boundaries diverge

On the H1 chart, HG is trading above the MA-20 but below the MA-50, suggesting short-term support with medium-term resistance. The MA-200 on the daily interval remains well below price. The Ichimoku Kijun sits at $6.515 and marks a key immediate support level. MACD provides a strong sell signal while ADX is neutral, indicating negative momentum without trend strength. RSI is in the sell zone, with Stochastic RSI and CCI holding neutral. Bull/Bear Power shows strong buyer presence intraday, creating a notable divergence as oscillators and momentum signals are mixed. Awesome Oscillator is neutral.

Sideways bias continues as downside risk edges higher

Over the next 2–3 sessions, price is likely to consolidate between $6.4565 and $6.5771, reflecting typical volatility relative to current levels. The baseline outlook sees a sideways corridor prevailing, with a modest edge (58%) for a move lower. A break above the upper resistance band would signal a bullish scenario, while a drop below the Kijun support at $6.515 would open a more bearish outcome.

Viktoras Karapetjanc, expert at Traders Union, sees copper prices consolidating in a narrow corridor after holding above key long-term supports. He notes that mixed momentum signals and absence of market news support a range-bound outlook. The analyst maintains a constructive stance with a modest tilt toward a lower move if $6.515 support is lost. "I believe the current consolidation is healthy and offers long-term investors a chance to accumulate, provided price stays above the Kijun support at $6.515."

Earlier, analysts noted that persistent downside momentum in copper was driven by high US inventories and regulatory shifts, making key support levels especially important for traders. The current analysis adds that mixed short- and medium-term signals along with a solid short-term cushion keep the focus on $6.515 as a pivotal support to monitor for potential trend direction in the coming sessions.

Source of Data: HG Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.