Copper Futures (HG1!), H4 Potential for Bullish Rise
Title: Copper Futures (HG1!), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 3.9600
Pivot: 3.6885
Support: 3.5545
Preferred case: Looking at the H4 chart, my overall bias for HG1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 3.9600, where the previous swing high is.
Alternative scenario: Price may head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 3.9600
Pivot: 3.6885
Support: 3.5545
Preferred case: Looking at the H4 chart, my overall bias for HG1! is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 3.9600, where the previous swing high is.
Alternative scenario: Price may head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.