On the H4, with price expected to reverse off the stochastics level, we have a bias that price will drop from 1st resistance at 3473 in line with the horizontal swing high resistance to 1st support at 3266 in line with the pullback support and 38.2% 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: 3473
Reason for Entry:
Horizontal swing high resistance
Take Profit: 3266
Reason for Take Profit:
Horizontal pullback support and 38.2% Fibonacci retracement
Stop Loss: 3589
Reason for Stop Loss: Horizontal pullback resistance and 127.2% Fibonacci extension
