Copper (HG1) Down $0.02 On 4 Hour Chart, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Copper Daily Price Recap

Copper came into today down 0.48% ($0.02) from the open of the day prior, marking the 2nd day in a row a decline has happened. Relative to other instruments in the metals asset class, Copper ranked 4th since the day prior in terms of percentage price change. Here is a daily price chart of Copper.

HG1

Copper Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that Copper’s price has gone up 16 of the previous 30 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

Over on Twitter, here were the top tweets about Copper:

  • From confluencetradr:

    Final leg down is ending on #BZT as price capitulated between 0.27-0.3 imo. This is also a strong demand area hence offering a fantastic opportunity to get in on the cheap with Copper price rising. Longterm chart setup is exceptional. News rich period. Main Target 1.4-1.95p imo.

  • From fwyburd:

    @jpbrumby Copper price risk? Margins are relatively thin and they said in the call that depressed copper prices boosted HY results and they were not 100% hedged. Also, do moves by China to open up commodity trading of copper increase this risk (or not)?

  • From Liner081:

    @FTPcapital @JabinJump @coastlife89 Apples and oranges. Those high tonne low grade projects need much higher copper price to get a look in. Financing will be much harder. NWC super profitable at today’s prices and tier 1 jurisdiction will be a mine in 2023.