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 being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Alternative scenario: Price may possibly 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 being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Alternative scenario: Price may possibly head towards the resistance at 3.9600, where the previous swing high is.
Fundamentals: There are no major news.
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