The Hourly View for Copper
- At the time of this writing, HG1’s price is down $0 (-0.07%) 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.
- 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Of note is that the 50 hour changed directions on HG1; it is now pointing down. 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 up $0.07 (1.67%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 100 and 20 day moving averages, resulting in them with price now being above 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.
Below is a daily price chart of Copper.
Featured Copper Idea From TradingView
Below is a trading comment entitled 🌐 MORNING MEETING – MARKET PREVIEW – JULY 07 you may find interesting:
🔴 GLOBAL STOCK MARKETS Good morning traders. After yesterday’s slight shifts towards risk-off (USD firmer and risk currencies softer), Asian markets closed mixed with Shanghai and Australia posting gains, but Nikkei and Hang Seng in the red. European markets recovered some ground after yesterday’s sell off and trade in the green, with the DAX taking the leading position (+0.81% so far). https://www.tradingview.com/x/cQq0o9So/ 🔴 USD INDEXThe USDx has enjoyed a strong Tuesday but entered into a consolidation phase this morning ahead of the FOMC Meeting Minutes (released at 8:00 PM CET this evening).Yields are softer, which could pose a risk for USD bulls during the day. The positive correlation between the USDx and 2-year yields is still broken (USD higher despite lower yields.) https://www.tradingview.com/x/mKIT8kA0/ 🔴 CO…