On the H4, with price moving above the Ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 3263 in line horizontal graphical swing high resistance and 100% Fibonacci projection from our 1st support in line with horizontal overlap support and 38.2% Fibonacci retracement at 3052. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal overlap support and 61.8% Fibonacci retracement at 2811.
Trading Recommendation
Entry: 3052
Reason for Entry:
Horizontal overlap support and 38.2% Fibonacci retracement
Take Profit: 3263
Reason for Take Profit:
Horizontal graphical swing high resistance and 100% Fibonacci projection
Stop Loss: 2811
Reason for Stop Loss:
Horizontal overlap support and 61.8% Fibonacci retracement
