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COPPER FUTURES (MCX:COPPER1!), H1 Potential for Bearish Moment

39929 copper futures mcxcopper1 h1 potential for bearish moment

Type: Bearish MomentumKey Levels:Resistance: 773.7Pivot: 765.75Support: 755.45Preferred Case:Price has broken the ascending trendline and is moving below the ichimoku cloud, which supports our bearish bias that price will drop our pivot at 765.75 in line with the 38.2% fibonacci retracement to the support at 755.45 in line with the 50% fibonacci retracement.Alternative Scenario:Alternatively, price may bounce off the pivot to the resistance at 773.7 in line with the 23.6% fibonacci retracement and the 61.8% fibonacci projection.Fundamentals:No major news

Source: Tickmill

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