Copper Futures (HG1!) H4 | Bullish continuation toward the 161.8% extension
Copper Futures (HG1!) H4 | Bullish continuation toward the 161.8% extension
Type:
Bearish Continuation
Key Levels:
Resistance: 5.9135
Pivot: 5.9135
Support: 5.4545
Preferred Case:
On the H4 timeframe, price action shows a strong bearish reversal from resistance, with momentum favoring a move down toward the 1st Support at 5.4545, especially if price stays below the Pivot at 5.7095.
Alternative Scenario:
If price reclaims the Pivot at 5.7095, a rebound toward the 1st Resistance at 5.9135 could emerge before further trend development.
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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.