The Hourly View for Copper
- At the time of this writing, HG1’s price is down $0 (0%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move up.
- As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 $-0.05 (-1.04%) from the day prior.
- This is the 2nd day in a row Copper has seen its price head down.
- 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.
- Regarding moving averages, it should first be noted that price has crossed the 50 day moving average, resulting in them with price now being 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.
- 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.