On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3197 in line with the horizontal swing high resistance and 127.2% Fibonacci extension level from our 1st support of 3042 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 2938 in line with the horizontal swing low support.
Trading Recommendation
Entry: 3042
Reason for Entry:
Horizontal pullback support
Take Profit: 3197
Reason for Take Profit:Horizontal swing high resistance and 127.2% Fibonacci extension
Stop Loss: 2938
Reason for Stop Loss: Horizontal swing low support
