Copper (HG1!) H4 | Approaching 38.2% Fibonacci Support

Type:

Bullish Bounce

Key Levels:

Resistance: 4.26

Pivot: 4.12

Support: 4.03

Preferred Case:

Looking at the H4 chart, my overall bias for copper futures (HG1!) is bullish due to a pullback support at the 38.2% Fibonacci retracement and the presence of the bullish Ichimoku cloud. The price could stall around the Pivot before reversing off this level to rise toward the 1st Resistance at 4.26.

Alternative Scenario:

Price may break below the Pivot at 4.12 and fall toward the 1st Support at 4.03.