Type: Bullish ContinuationKey Levels:Resistance: 801.30Pivot: 783.50 Support: 764.45Preferred Case:On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will continue to rise from the pivot at 783.50 in line with the overlap support to the resistance at 801.30 in line with the 61.8% fibonacci retracement and 78.6% fibonacci projection . However, we would wait for price to break pivot before going in for the buy.Alternative Scenario:Price may reverse off the pivot and drop to the support at 764.45 in line with the horizontal swing low.Fundamentals:Copper demand is expected to skyrocket over the next decade as growing demand for renewable energy, electricity infrastructure and electric vehicles increases alongside global carbon reduction targets.
Source: Tickmill
