Copper (HG1) Up $0.01 On 4 Hour Chart, Started Today Up 0.21%; Pin Bar Pattern Appearing on Chart

Copper Daily Price Recap

The back and forth price flow continues for Copper, which started today off at 3.046 US dollars, up 0.21% ($0.01) from yesterday. Out of the 5 instruments in the metals asset class, Copper ended up ranking 4th for the day in terms of price change relative to yesterday. The daily price chart of Copper below illustrates.

HG1

Copper Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 30 days Copper’s price has gone up 17 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

Behold! Here are the top tweets related to Copper:

  • From StockShaman:

    #goldmansachs:
    “Next year, we expect the largest refined #copper market deficit (412kt) in over 15 years due to current positive demand trends.
    As a result, we have recently raised our copper price forecasts to $7,000/7,250/7,500/t on a 3/6/12m basis”
    $IMTFF IMT-TSXV

  • From nicoduck:

    @0x47DF this mist he old. nobody would be that stupid to waste so much money on cable nowadays, with the current copper price 😉

  • From BTee2wo:

    @dattosrule Once the copper price begins to kick, watch $PUA get moving. Gold + Copper deposits = Money for jam