On the H4, with the MACD showing a bullish momentum, we have a bullish bias that price will rise to our 1st resistance at 31334.20 in line with the horizontal swing high resistance and 78.6% Fibonacci projection from our 1st support at 29554.29 in line with the horizontal swing low support, 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 28759.95 where the horizontal swing low support is.
Trading Recommendation
Entry: 29554.29
Reason for Entry:
Horizontal swing low support, 61.8% Fibonacci retracement and 78.6% Fibonacci projection
Take Profit: 31334.20
Reason for Take Profit: Horizontal swing high resistance and 78.6% Fibonacci projectionStop Loss: 28759.95
Reason for Stop Loss:
Horizontal swing low support
