Copper Futures (HG1!) H4 I Bullish Continuation?
Type:
Bullish Reversal
Key Levels:
Resistance: 4,3250
Pivot: 4,1230
Support: 4,1230
Preferred Case:
Looking at the H4 chart, the price is falling toward the pivot where the bullish momentum could cause the price to bounce off this level to rise toward the 1st Resistance at 4,3250 close to the 50% Fibonacci retracement
Alternative Scenario:
Price may break under the Pivot at 4,1230 and fall towards the 1st Support at 4,1230
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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.