Copper is Down for the 4th Day in a Row

The Hourly View for Copper

  • At the moment, HG1’s price is up $0 (0.08%) from the hour prior.
  • This is the 2nd hour in a row Copper has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Copper. Given that we see downtrend on the 20 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.


The Daily View for Copper

  • At the moment, HG1’s price is down $-0.14 (-2.96%) 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 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.


Featured Copper Idea From TradingView

Below is a trading comment entitled XAUUSD, 1874.6 USD (%-1.85, Buy) Trendline Sell Off you may find interesting:

XAUUSD, 1874.6 USD (%-1.85, Buy) is going along its trendline bt a bit sell off we must admit. Silver troy ounce (31.10 gram) 27.5 USD (percentage of -2.48, Neutral signaling) and Platinum , 1160.6 USD (-2.69 of pct, Buy). Ounce palladium 2839.5 USD (%-0.72) costs for traders.Copper 1 pound (0.4535 kg), 4.455 USD (with the percentage of -2.97, Buy) is being traded at the time written. American Dollar index (DXY) 90.509 is pushing itself (%0.67 Buy) on the line again.