Copper Futures (HG1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance :3.5565
Pivot: 3.4990
Support : 3.47325
Preferred Case: On the H4, with the Stoch is below 20, and the price is below ichimoku cloud , RSI is showing a descending trendline and Stoch is reversing from the resistance, we have a bearish bias that the price may drop from the pivot at 3.4990, which is in line with tyhe 50% fibonacci retracement and overlap support to the 2st support at 3.4325, which is in line with the swing low, 78.6% Fibonacci retracement and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price could rise to the 1st resistance at 3.5565, where the swing highs and 50% fibonacci retracement are.
Fundamentals: No major news.
Resistance :3.5565
Pivot: 3.4990
Support : 3.47325
Preferred Case: On the H4, with the Stoch is below 20, and the price is below ichimoku cloud , RSI is showing a descending trendline and Stoch is reversing from the resistance, we have a bearish bias that the price may drop from the pivot at 3.4990, which is in line with tyhe 50% fibonacci retracement and overlap support to the 2st support at 3.4325, which is in line with the swing low, 78.6% Fibonacci retracement and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price could rise to the 1st resistance at 3.5565, where the swing highs and 50% fibonacci retracement are.
Fundamentals: No major news.
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