Copper Futures (HG1!) H4 | RFalling toward a pullback support
Type:
Bearish Reversal
Key Levels:
Resistance: 4.7160
Pivot: 4.6370
Support: 4.5045
Preferred Case:
Looking at the H1 chart, the price is rising towards a pullback resistance that aligns close to the 38.2% Fibonacci retracement where it could stall before reversing to fall lower toward the 1st Support at 4.5045, aligning with the 50% Fibonacci retracement.
Alternative Scenario:
Price may break above the Pivot at 4.6370 and rise towards the 1st Resistance at 4.7160, aligning with the 61.8% Fibonacci retracement.
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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.