Copper Futures (HG1!) H4 | Potential Bearish Breakout

Type:

Bearish Breakout

Key Levels:

Resistance: 4.16

Pivot: 4.12

Support: 4.06

Preferred Case:

Looking at the H4 chart, my overall bias for copper futures (HG1!) is bearish due to the price trading under the bearish Ichimoku Cloud. The price could fall towards the Pivot and break below this level to fall towards the 1st Support at 4.06.

Alternative Scenario:

Price may reverse off the Pivot at 4.12 and rise towards the 1st Resistance at 4.16.