On the H4, with price moving above the Ichimoku cloud, we can expect price to rise to our 1st resistance at 3265 in line horizontal graphical swing high resistance from our 1st support in line with horizontal overlap support and 38.2% Fibonacci retracement at 3050. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal overlap support and 61.8% Fibonacci retracement at 2820.
Trading Recommendation
Entry: 3050
Reason for Entry:
Horizontal overlap support and 38.2% Fibonacci retracement
Take Profit:3265
Reason for Take Profit:
Horizontal graphical swing high resistance
Stop Loss: 2820
Reason for Stop Loss:
Horizontal overlap support and 61.8% Fibonacci retracement
