Copper Futures ( HG1! ), H4 Potential for Bearish Drop

COMEX_DL:HG1!   Copper Futures
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.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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