The Hourly View for Copper
- At the time of this writing, HG1’s price is down $-0.01 (-0.13%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move up.
- Regarding the trend, note that the strongest trend 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Copper’s hourly price chart is shown below.
The Daily View for Copper
- At the moment, HG1’s price is down $-0.08 (-1.9%) 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 50 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.
- 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.