On the H4, with price moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 36718 where the horizontal overlap support, 50% Fibonacci retracement and 61.8% Fibonacci projection is to our 1st support at 26718 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 47559 where the horizontal swing high resistance is.
Trading Recommendation
Entry: 36187
Reason for Entry:
Horizontal overlap support, 50% Fibonacci retracement and 61.8% Fibonacci projection
Take Profit: 26718
Reason for Take Profit: Horizontal swing low supportStop Loss: 47559
Reason for Stop Loss:
Horizontal swing high resistance
