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