Copper Futures (HG1!), H4 Potential for Bearish Drop
Title: Copper Futures (HG1!), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 3.9600
Pivot: 3.6885
Support: 3.5545
Preferred case: Looking at the H4 chart, my overall bias for HG1! is bearish due to the current price crossing above the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Alternative scenario: Price may head towards the resistance at 3.9600, where the previous swing high is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 3.9600
Pivot: 3.6885
Support: 3.5545
Preferred case: Looking at the H4 chart, my overall bias for HG1! is bearish due to the current price crossing above the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Alternative scenario: Price may head towards the resistance at 3.9600, where the previous swing high is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results