Copper Futures (HG1!), H1 Potential for Bullish Bounce

copper-futures-(hg1!),-h1-potential-for-bullish-bounce

Type: Bullish BounceKey Levels:Resistance: 4.5230Pivot: 4.4320Support: 4.3950Preferred Case:Price is moving nearer to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 4.4320 in line with 78.6% Fibonacci retracement towards our 1st resistance level of 4.5230 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.Alternative Scenario:Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 4.3950 in line with a previous horizontal swing low support.Fundamentals:No major news.

Source: Tickmill

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