Title: Copper Futures ( HG1! ), H4 Potential for Bearish Drop Type: Bearish Drop Resistance: 4.1130 Pivot: 4.0145 Support: 3.8945
Preferred case: Looking at the H4 chart, my overall bias for HG1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. Expecting price to drop from the pivot at 4.0145 where the overlap resistance and 23.6% Fibonacci line is before continue heading down towards the support at 3.8945, where the overlap support is. It's worth noting that there is an intermediate support at 3.9245, where price might struggle to break through
Alternative scenario: Price could head up towards the resistance at 4.1130, where the overlap resistance and 61.8% Fibonacci line is.
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