Is Momentum Changing for Copper? Price Just Crossed Above Its 20 Day Moving Average

The Hourly View for Copper

  • Currently, HG1’s price is down $-0.01 (-0.2%) from the hour prior.
  • Copper has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • 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 downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 50 hour moving averages have been crossed, with price now being below them. 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

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  • It’s been a feast for bears operating on the daily timeframe, as Copper has now gone down 14 of the past 14 days.
  • 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 day timeframes.
  • 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.

HG1