On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will continue to rise from our 1st support at 27760 in line with the overlap swing high to our 1st resistance at 28410 in line with the 127.20% fibonacci expansion at the swing high. Alternatively, price may reverse and break the support level at our 1st support and drop to our 2nd support at 27130 in line with the 61.8% fibonacci projection.
Trading Recommendation Entry: 27760
Reason for Entry:
swing high
Take Profit: 28410
Reason for Take Profit:
127.20% fibonacci expansion at the swing high
Stop Loss: 27130
Reason for Stop Loss:
horizontal pullback support, 61.8% fibonacci projection.
