On the H4, with price expected to reverse off the Ichimoku resistance and the resistance of the stochastics indicator, we have a bearish bias that price will drop from our 1st resistance in line with the horizontal overlap resistance and 38.2% Fibonacci retracement at 3158 to our 1st support at 2892 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break 1st resistance and head for 2nd resistance at 3312 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 3158
Reason for Entry:
Horizontal overlap resistance and 38.2% Fibonacci retracement
Take Profit: 2892
Reason for Take Profit:Horizontal swing low support and 61.8% Fibonacci projection
Stop Loss: 3312
Reason for Stop Loss:
Horizontal swing high resistance and 61.8% Fibonacci retracement
