On the H4, with price moving below the Ichimoku cloud resistance, we have a bearish bias that price will drop to our 1st support at 21.15 where the127.2% Fibonacci projection and 61.8% Fibonacci projection is from our 1st resistance at 27.51 in line with the horizontal pullback resistance and 38.2% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 30.69 where the 61.8% Fibonacci retracement and horizontal swing high resistance is.
Trading Recommendation
Entry: 27.51
Reason for Entry:
Horizontal pullback resistance and 38.2% Fibonacci retracementTake Profit: 21.15
Reason for Take Profit: 127.2% Fibonacci projection and 61.8% Fibonacci projectionStop Loss: 30.69
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal swing high resistance
