Copper Futures (HG1!), H4 Potential for Bullish Rise
Type : Bullish rise
Resistance :3.5000
Pivot:3.4735
Support : 3.4170
Preferred Case: On the H4, with the price pullback from the support, breaking the descending trendline, MA10 is above MA30, combined with the fundamental news, we have a short term bullish bias that the price may rise from the pivot at 3.4735, where the current price is to the 1st resistance at 3.5000 where the previous swing high is.
Alternative scenario: Alternatively, price could drop to the support at 3.4170, where the swing lows are.
Fundamentals: Because of Chinese administration, the decline in copper production in Peru, and a steep fall in the DXY , copper shows a pull back trend from the support.
Resistance :3.5000
Pivot:3.4735
Support : 3.4170
Preferred Case: On the H4, with the price pullback from the support, breaking the descending trendline, MA10 is above MA30, combined with the fundamental news, we have a short term bullish bias that the price may rise from the pivot at 3.4735, where the current price is to the 1st resistance at 3.5000 where the previous swing high is.
Alternative scenario: Alternatively, price could drop to the support at 3.4170, where the swing lows are.
Fundamentals: Because of Chinese administration, the decline in copper production in Peru, and a steep fall in the DXY , copper shows a pull back trend from the support.
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