Copper Futures (HG1!) H4 | Potential Bearish Reversal
Type:
Bearish Reversal
Key Levels:
Resistance: 4.49
Pivot: 4.41
Support: 4.27
Preferred Case:
Looking at the H4 chart, the price is rising towards a pullback resistance that aligns with a 23.6% Fibonacci retracement. It could stall around the Pivot before reversing to fall towards the 1st Support at 4.27.
Alternative Scenario:
Price may break above the Pivot at 4.41 and rise towards the 1st Resistance at 4.49.
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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.