Copper Futures (HG1!) H4 | Pullback Support at 61.8% Fibonacci Retracement
Copper Futures (HG1!) H4 | Pullback Support at 61.8% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 4.836
Pivot: 4.634
Support: 4.518
Preferred Case:
Looking at the H4 chart, the price has made a bullish reversal off a pullback support and it could reverse to bounce higher toward the 1st resistance at 4.836. 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 4.634 and fall toward the 1st Support at 4.518.
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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.