Copper Futures (HG1!) H1 | Approaching Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 4.913
Pivot: 4.786
Support: 4.731
Preferred Case:
Looking at the H1 chart, the price could fall towards an overlap support and potentially reverse to bounce higher toward the 1st resistance at 4.913. The presence of a green Ichimoku Cloud adds further significance to the strength of the bullish momentum.
Alternative Scenario:
Price may break below the Pivot at 4.786 and fall toward the 1st Support at 4.731.
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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.