Copper candlestick chart analysis

Hammer on the chart today is a reversal pattern
A hammer appeared on the daily chart for copper. A hammer is a reversal pattern.

Copper Daily Candlestick Chart

The hammer on today’s chart is a reversal pattern. This is an indicator that the intermediate downtrend will end. It does not mean that copper will suddenly reverse direction: it could ease into a consolidation zone. The price action today is reflected in the hammer. Copper opened at $3.18 and then traded down to $3.06 which was close to major support at $3.00. It then closed at $3.20.

Reference the last chart analysis for copper based on the weekly chart.

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