Copper is Down for the 3rd Day in a Row

The Hourly View for Copper

  • At the time of this writing, HG1’s price is up $0.01 (0.13%) from the hour prior.
  • Copper has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. 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

  • At the time of this writing, HG1’s price is down $-0.04 (-0.87%) from the day prior.
  • Copper has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Of note is that the 20 day changed directions on HG1; it is now pointing up. 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