Copper Daily Price Recap

Copper entered today at 2.422 in US dollars, up 3.81% ($0.089) from the day prior. Out of the 5 instruments in the metals asset class, Copper ended up ranking 2nd for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of Copper.

Copper Technical Analysis

Notably, Copper crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to sell rallies created by the counter trend. Or to view things another way, note that out of the past 10 days Copper’s price has gone up 7 them. Price action traders may also wish to note the presence of a bullish engulfing pattern in the midst of the downtrend on the 90 and 30 day charts, which may signal the trend is concluding.

Overheard on Twitter

Behold! Here are the top tweets related to Copper:

• From daric_erminote:
  

  @realDonaldTrump if you not found any copper price, they want force you to pay cables.. write to those dicks that has a supply chain with no job.. To work something they will accept cable making proposals..

• From daric_erminote:
  

  @realDonaldTrump at the end we talk about copper price not really cable pricing.. I am not really going in the warehouse.. Probably tools and nothing else..

• From EarningsAlley:
  

  Eugene Lei: “As you’ll remember that was a different copper price environment at $2.75 going to $3 rather than $2.75 going toward $2”

In terms of news links for Copper here’s one to try:

LIVE FUTURES REPORT 18/05: LME copper price tops complex in 1.9% rally; 17.5kt zinc freshly canceled at Vlissingen | Metal Bulletin.com

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The post Copper (HG1) Up 3.81%, Crosses 20 Day Moving Average; And A Story About Scrap Prices appeared first on CFDTrading.