On the H4, with price expected to reverse off the stochastics level, we have a bias that price will drop from 1st resistance at 3414 in line with the horizontal swing high resistance, 100% Fibonacci projection and 161.8% Fibonacci extension to 1st support at 3187 in line with the pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 3589 in line with the horizontal pullback resistance and 127.2% Fibonacci extension.
Trading Recommendation
Entry: 3414
Reason for Entry:
Horizontal swing high resistance, 100% Fibonacci projection and 161.8% Fibonacci extension
Take Profit: 3187
Reason for Take Profit:Horizontal pullback support and 23.6% Fibonacci retracement
Stop Loss: 3589
Reason for Stop Loss: Horizontal pullback resistance and 127.2% Fibonacci extension
