Copper is Down for the 2nd Day in a Row

The Hourly View for Copper

  • Currently, HG1’s price is up $0.01 (0.27%) from the hour prior.
  • It’s been a feast for bulls operating on an hourly timeframe, as Copper has now gone up 4 of the past 5 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration.
  • The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Copper’s hourly price chart is shown below.

HG1

The Daily View for Copper

  • Currently, HG1’s price is down $-0.12 (-2.82%) from the day prior.
  • The daily chart shows that Copper has seen 2 straight down days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Of note is that the 20 day changed directions on HG1; it is now pointing down. The moving averages on the daily 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.
  • Divergence between HG1’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in HG1’s price.

Below is a daily price chart of Copper.

HG1