The Hourly View for Copper
- At the moment, 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.
- As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe.
- 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 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 $-0.06 (-1.48%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved up.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
- Most noteworthy in the world of moving averages on the daily chart is that the 100, 20 and 50 day moving averages have been crossed, with price now being below them. 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.