Copper Futures (HG1!), H4 Potential for Bearish Drop
Title: Copper Futures (HG1!), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 3.6920
Pivot: 3.5545
Support: 3.3840
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the Pivot at 3.5545, where the 61.8% Fibonacci line is, before heading towards the support level at 3.3840, where the previous swing low is.
Alternative scenario: Price may go back up towards the resistance line at 3.6920, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 3.6920
Pivot: 3.5545
Support: 3.3840
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the Pivot at 3.5545, where the 61.8% Fibonacci line is, before heading towards the support level at 3.3840, where the previous swing low is.
Alternative scenario: Price may go back up towards the resistance line at 3.6920, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.