COPPER closes lower for the 2nd day in a row
Copper (COPPER) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, COPPER ended the week 2.6% higher at 239.15 after losing $3.25 (-1.34%) today on high volume. Closing below Thursday's low at 242.20, the market confirmed its breakout through the prior session low after trading up to $5.05 below it intraday.
Daily Candlestick Chart (COPPER as at May 22, 2020):
Friday's trading range has been $5.95 (2.45%), that's slightly above the last trading month's daily average range of $5.31. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for COPPER.
One bearish candlestick pattern matches today's price action, the Black Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Copper. Out of 528 times, COPPER closed higher 53.03% of the time on the next trading day after the market condition occurred.
With two out of the other two Metal Markets closing higher today, the ones that stand out on the positive side are SILVER gaining 1.4% and GOLD closing 0.46% higher. None of the markets ended the day in the red. Read more