On the H4, with price breaking the ascending channel and there is a descending line of RSI, we have a bearish bias that price might drop from our 1st resistance at 54.57, which is in line with 23.6% fibonacci retracement to the 1st support at 51.07, which is in line with pullback support. If the price breaks the 1st support, we could expect it to drop to the 2nd support at 47.21, which is in line with pullback support. Alternatively, price may head for 2nd resistance at 59.90, which is in line with the multiple swing highs.
Trading Recommendation
Entry: 54.57
Reason for Entry: 23.6% fibonacci retracement
Take Profit: 51.07
Reason for Take Profit:Pullback resistanceStop Loss: 59.90
Reason for Stop Loss:
Multiple swing highs
