Copper Futures (HG1!) H4 | Downtrend to extend further?

Type:

Bearish Reversal

Key Levels:

Resistance: 4.58

Pivot: 4.49

Support: 4.30

Preferred Case:

Looking at the H4 chart, my overall bias for copper futures (HG1!) is bearish as the price trades in a downtrend and underneath the red Ichimoku Cloud, highlighting the ongoing bearish momentum. It could rise towards the Pivot before reversing to drop towards the 1st Support at 4.30.

Alternative Scenario:

Price may break above the Pivot at 4.49 and rise towards the 1st Resistance at 4.58.