On the H4, with price is going up and stochastic indicator is going down, which is showing a bearish divergence, we have a bearish bias that price might drop from our 1st resistance at 1392.39, which is in line with 38.2% fibonacci retracement to the 1st support at 1279.35, which is in line with overlap resistance. Alternatively, price may head for 2nd resistance at 1701.08 which is in line with the overlap resistance.
Trading Recommendation
Entry: 1392.39
Reason for Entry: 38.2% fibonacci retracement
Take Profit: 1279.35
Reason for Take Profit:Overlap resistance
Stop Loss: 1701.08
Reason for Stop Loss:
Overlap resistance
