Copper Has Now Headed Down 4 Out of the Past 5 Days

The Hourly View for Copper

  • Currently, HG1’s price is down $0 (-0.07%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Copper. Given that we see an uptrend on the 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 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 (-0.06%) from the day prior.
  • Copper has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • 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 XAUUSD and Commodities you may find interesting:

Silver troy ounce (31.10 gram) 28.0375 USD (percentage of 0.49, Strong Buy signaling) and Platinum , 1176.4 USD (1.03 of pct, Buy). Ounce palladium 2841 USD (%-0.04) costs for traders.Copper 1 pound (0.4535 kg), 4.523 USD (with the percentage of -0.13, Buy) is being traded at the time written. Besides this, XAUUSD, spot gold (oz), 1902.4 USD (%0.55, Strong Buy) is going along its trendline.

BorsaMerkezi