On the H4, with price expected to bounce off the stochastics, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 3050 in line horizontal graphical overlap resistance and 61.8% Fibonacci retracement level from our 1st support in line with horizontal overlap support and 61.8% Fibonacci projection level at 2820. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support and 161.8% Fibonacci extension at 2597.
Trading Recommendation
Entry: 2820
Reason for Entry:
Horizontal overlap support and 61.8% Fibonacci projection
Take Profit:3050
Reason for Take Profit:
Horizontal graphical overlap resistance and 61.8% Fibonacci retracement
Stop Loss: 2597
Reason for Stop Loss:
Horizontal swing low support and 161.8% Fibonacci extension
