Copper Futures (HG1!), H4 Falling to Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 4.97
Pivot: 4.74
Support: 4.61
Preferred Case:
Looking at the H4 chart, my overall bias for Copper futures (HG1!) is bullish due to the strong uptrend that has been in place since mid-February. With price currently pulling back towards the pivot, there is a strong possibility of a bullish bounce that could take place and push price towards the resistance at 4.97.
Alternative Scenario:
Price may break below the pivot at 4.74 and fall towards the support level at 4.61.
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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.