On the H4, with price moving within a bullish channel and above the ichimoku indicator, we have a bullish bias that price might rise to our 1st resistance at 24345.11 where the pullback resistance is. Once there is upside confirmation of price breaking 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 26714.84 where the 161.8% fibonacci extension and 100% fibonacci projection are. Alternatively, price could drop to 1st support at 22560.82 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Trading Recommendation
Entry: 24345.11
Reason for Entry:Pullback resistance
Take Profit: 26714.84
Reason for Take Profit:161.8% fibonacci extension and 100% fibonacci projection
Stop Loss: 22560.82
Reason for Stop Loss:
Pullback support, 50% fibonacci retracement and 61.8% fibonacci projection
