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

The Hourly View for Copper

  • At the moment, HG1’s price is down $0 (0%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Copper. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly 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.

Copper’s hourly price chart is shown below.

HG1

The Daily View for Copper

  • At the moment, HG1’s price is up $0.11 (2.59%) from the day prior.
  • This is the 2nd day in a row Copper has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 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 The Aussie is forming a stronger base around 0.7750… you may find interesting:

The Aussie is forming a stronger base firmly around 0.7750 vs its US counterpart and has bounced firmly against the Kiwi in the absence of many NZ participants due to the ANZAC market holiday. Indeed, AUD/USD is back in the high 0.7790 area amidst a sharp rally in copper prices to decade…

Forex-Traders-Uk