Copper Futures (HG1!) H4 | Potential Bullish Bounce off Overlap Support

Type:

Bullish Bounce

Key Levels:

Resistance: 4.22

Pivot: 4.09

Support: 4.01

Preferred Case:

Looking at the H4 chart, my overall bias for Copper futures (HG1!) is bullish due to the presence of a bullish Ichimoku Cloud and the overlap support at the 38.2% Fibonacci retracement level. The price could pull back toward the pivot and bounce off this level to rise toward the 1st Resistance at 4.22.

Alternative Scenario:

Price may break below the pivot at 4.09 and fall towards the 1st Support level at 4.01.