Copper Futures (HG1!) H4 | Heading into 61.8% Fibonacci Resistance
Copper Futures (HG1!) H4 | Heading into 61.8% Fibonacci Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 4.22
Pivot: 4.12
Support: 3.97
Preferred Case:
Looking at the H4 chart, my overall bias for Copper futures (HG1!) is bearish due to the price trading within the bearish Ichimoku Cloud. The price could reverse off the pivot and fall toward the 1st Support at 3.97.
Alternative Scenario:
Price may break above the pivot at 4.12 and rise towards the 1st Resistance level at 4.22.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.