Copper 4 Hour Price Update
Updated February 04, 2021 01:58 AM GMT (09:58 PM EST)
Copper came into the current 4 hour candle down 0.03% ($0) from the open of the previous 4 hours, marking the 2nd candle in a row a decrease has occurred. Those trading within the metals asset class should know that Copper was the worst performer in the class the current 4 hour candle.
Copper Daily Price Recap
3.571 was the closing price of the day for Copper, resulting in today being one in which price moved up 1.02% ($0.04) from the previous day. Out of the 5 instruments in the metals asset class, Copper ended up ranking 2nd for the day in terms of price change relative to the previous day. Let’s take a look at the daily price chart of Copper.
Copper Technical Analysis
Moving average crossovers are always interesting, so let’s start there: Copper crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.