Copper Does it Again: Heads Down for the 2nd Straight Day

The Hourly View for Copper

  • At the time of this writing, HG1’s price is up $0 (0.1%) from the hour prior.
  • The hourly chart shows that Copper has seen 2 straight up hours.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Copper’s hourly price chart is shown below.

HG1

The Daily View for Copper

  • At the moment, HG1’s price is down $-0.05 (-0.99%) from the day prior.
  • The daily chart shows that Copper has seen 2 straight down days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Copper.

HG1

Featured Copper Idea From TradingView

Below is a trading comment entitled Final drive for AUD/USD this week? you may find interesting:

The Aussie has overcome another pretty sharp reversal in copper and iron ore overnight to bounce firmly from the low 0.7700 area vs its US counterpart, but may find the half round number above tough to breach again given 1.3 bn option expiry interest rolling off at the NY cut.More bullish price action incoming…

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