Copper Futures (HG1!) H1 | Heading into Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 4.186
Pivot: 4.137
Support: 4.008
Preferred Case:
Looking at the H1 chart, the price is rising towards an overlap resistance where it could stall before reversing to fall lower. The bearish momentum, as highlighted by the red Ichimoku Cloud, could cause the price to drop towards the 1st Support at 4.008.
Alternative Scenario:
Price may break above the Pivot at 4.137 and rise towards the 1st Resistance at 4.186.
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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.