Copper Futures (HG1!) | H4 Potential Bearish Breakout
Type:
Bearish Breakout
Key Levels:
Resistance: 4.647
Pivot: 4.524
Support: 4.404
Preferred Case:
Looking at the H4 chart, my overall bias for Copper futures (HG1!) is bearish due to the price breaking below the pivot and also crossing under the Ichimoku cloud, highlighting a strong potential for a reversal in momentum. The price could potentially drop lower towards the 1st support.
Alternative Scenario:
Price may reverse off the pivot at 4.524 and rise towards the 1st resistance level at 4.647.
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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.