On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 17.129 in line with the horizontal swing low support from our 1st resistance at 23.429 in line with the 50% Fibonacci projection and horizontal swing high resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 28.058 where the horizontal swing high resistance is.
Trading Recommendation
Entry: 23.429
Reason for Entry:
Horizontal swing high resistance and 50% Fibonacci projection
Take Profit: 17.129
Reason for Take Profit: Horizontal swing low supportStop Loss: 28.058
Reason for Stop Loss:
Horizontal swing high resistance
