On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3030 in line with the horizontal swing high resistance and 161.8% Fibonacci projection level from our 1st support of 2762 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 2666 in line with the horizontal pullback support and 50% Fibonacci retracement
Trading Recommendation
Entry: 2762
Reason for Entry:
Horizontal pullback support and 23.6% Fibonacci retracement
Take Profit: 3030
Reason for Take Profit: Horizontal swing high resistance and 161.8% Fibonacci projection
Stop Loss: 2666
Reason for Stop Loss: Horizontal pullback support and 50% Fibonacci retracement
