Copper is Down for the 3rd Day in a Row

The Hourly View for Copper

  • Currently, HG1’s price is down $0 (-0.01%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Copper has now gone down 4 of the past 5 hours.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Copper. Given that we see downtrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly 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.

Copper’s hourly price chart is shown below.

HG1

The Daily View for Copper

  • At the time of this writing, HG1’s price is down $-0.01 (-0.33%) from the day prior.
  • This is the 3rd day in a row Copper has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Copper. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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.

Below is a daily price chart of Copper.

HG1