On the H4, with price expected to bounce off the support of the stochastics, we can expect price to rise to our 1st resistance at 3056 in line horizontal graphical overlap resistance and 50% Fibonacci retracement from our 1st support in line with horizontal overlap support and 61.8% Fibonacci retracement at 2820. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support and 61.8% Fibonacci retracement at 2599.
Trading Recommendation
Entry: 2820
Reason for Entry:
Horizontal overlap support and 61.8% Fibonacci retracement
Take Profit: 3056
Reason for Take Profit:
Horizontal graphical overlap resistance and 50% Fibonacci retracement
Stop Loss: 2599
Reason for Stop Loss:
Horizontal swing low support and 61.8% Fibonacci retracement
