Copper Futures (HG1!) H1 | Potential Bearish Reversal
Type:
Bearish Reversal
Key Levels:
Resistance: 4.395
Pivot: 4.363
Support: 4.277
Preferred Case:
Looking at the H1 chart, the price is approaching a pullback 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 fall towards the 1st Support at 4.277.
Alternative Scenario:
Price may break above the Pivot at 4.363 and rise towards the 1st Resistance at 4.395.
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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.