On the H4, with price expected to reverse off the stochastics indicator, we expect to see a potential for bearish drop from our 1st resistance of 3589 in line with the horizontal pullback resistance and 127.2% fibonacci extension towards our 1st support level at 3246 in line with the horizontal overlap support and 38.2% Fibonacci retracement. Alternatively, If price breaks our 1st resistance, it can potentially move towards our 2nd resistance level at 3881 which is in line with the horizontal swing high resistance and 161.8% Fibonacci projection.
Trading Recommendation
Entry: 3589
Reason for Entry:
Horizontal pullback resistance and 127.2% fibonacci extension
Take Profit: 3246
Reason for Take Profit:Horizontal overlap support and 38.2% Fibonacci retracement
Stop Loss: 3881
Reason for Stop Loss:
Horizontal swing high resistance and 161.8% Fibonacci projection
