On the H4, price is abiding by the ascending trendline. Price is near 1st resistance level of 47113 in line with 127.2% Fibonacci extension. Price can go up towards the 2nd resistance level of 48561 which is in line with 138.2% Fibonacci extension and 100% Fibonacci projection. Our bullish bias is supported by price trading under the Ichimoku cloud indicator. Alternatively, price might move towards the 1st support level at 45824.50 which is in line with 23.6% Fibonacci retracement.
Trading Recommendation
Entry: 47113
Reason for Entry: 127.2% Fibonacci extension.
Take Profit: : 48561
Reason for Take Profit: 138.2% Fibonacci extension and 100% Fibonacci projection.
Stop Loss: 45824.50
Reason for Stop Loss:
23.6% Fibonacci retracement.
