Copper Futures (HG1!) H4 | Potential Bearish Breakout

Type:

Bearish Breakout

Key Levels:

Resistance: 4.12

Pivot: 4.06

Support: 3.93

Preferred Case:

Looking at the H4 chart, my overall bias for copper futures (HG1!) is bearish due to the price trading under the descending trendline and the presence of a bearish Ichimoku Cloud. The price could fall towards the Pivot and break below this level to fall towards the 1st Support at 3.93.

Alternative Scenario:

Price may reverse off the Pivot at 4.06 and rise towards the 1st Resistance at 4.12.