On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 2929 where the horizontal pullback resistance and 61.8% Fibonacci retracement is to our 1st support at 2804 in line with the horizontal swing low support, and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 3016 where the horizontal swing high resistance is.
Trading Recommendation
Entry: 2929
Reason for Entry:
Horizontal pullback resistance and 61.8% Fibonacci retracement
Take Profit: 2804
Reason for Take Profit:Horizontal swing low support and 78.6% Fibonacci retracement
Stop Loss: 3016
Reason for Stop Loss:
Horizontal swing high resistance
