Copper Futures ( HG1!), H1 Potential for Bullish Bounce
Type: Bullish Bounce
Resistance: 4.5230
Pivot: 4.4320
Support: 4.3950
Preferred case: Price is moving nearer to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 4.4320 in line with 78.6% Fibonacci retracement towards our 1st resistance level of 4.5230 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 4.3950 in line with a previous horizontal swing low support.
Fundamentals: No major news.
Resistance: 4.5230
Pivot: 4.4320
Support: 4.3950
Preferred case: Price is moving nearer to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 4.4320 in line with 78.6% Fibonacci retracement towards our 1st resistance level of 4.5230 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 4.3950 in line with a previous horizontal swing low support.
Fundamentals: No major news.