The Hourly View for Copper
- Currently, HG1’s price is down $0 (-0.01%) from the hour prior.
- The hourly chart shows that Copper has seen 2 straight down hours.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration.
- Of note is that the 100 hour changed directions on HG1; it is now pointing up. 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 time of this writing, HG1’s price is down $-0.05 (-1.27%) from the day prior.
- It’s been a feast for bears operating on the daily timeframe, as Copper has now gone down 4 of the past 5 days.
- As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 100 day moving average, resulting in them so that price is now turning below it. 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.