Copper is Down for the 2nd Day in a Row

The Daily View for Copper

  • At the moment, HG1’s price is down $-0.02 (-0.46%) from the day prior.
  • The daily chart shows that Copper has seen 2 straight down days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Copper. Given that we see an uptrend on the 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 day changed directions on HG1; it is now pointing down. 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 Gold reaches $2020, will the rally continue? $1960 Target đŸ”” you may find interesting:

While the world discusses the prospect of an embargo on Russian oil and gas, the absolute madness is in metals. In many of them, Russia has a pretty significant share. Investors fear a ban on exports could be Russia’s response to sanctions, on a par with restricting supplies of agricultural products.Palladium set a new all-time high at $3439 on Monday, gaining 14.8% on the day at one point. Nickel reached $100,000/tonne, gaining more than 200% over the two days, but soon retreated to $82,000 (+71% since the start of the day). Aluminum reached $4000 per tonne on Monday, compared with stabilization at $2600 from November to mid-December.Copper exceeded $10800/tonne yesterday, rewriting its historic high.Still, if we apply ‘peacetime’ patterns, we can see short-squeezes an…

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