Copper Futures (HG1!) H1 | Pullback Support at 61.8% Fibonacci Retracement
Copper Futures (HG1!) H1 | Pullback Support at 61.8% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 4.619
Pivot: 4.503
Support: 4.422
Preferred Case:
Looking at the H1 chart, the price is falling towards a pullback support where it could stabilize before reversing to bounce higher toward the 1st Resistance at 4.619.
Alternative Scenario:
Price may break below the Pivot at 4.503 and fall towards the 1st Support at 4.422.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.