On the H4, with price moving within a bullish channel and RSI moving along an ascending trendline, we have a bullish bias that price will rise from our 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24703.69 where the swing high resistance and 61.8% fibonacci projection are. Alternatively, price could break 1st support structure and drop to 2nd support at 20716.80 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Trading Recommendation
Entry: 22560.82
Reason for Entry:Pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection
Take Profit: 24703.69
Reason for Take Profit:Swing high resistance and 61.8% fibonacci projectionStop Loss: 20716.80
Reason for Stop Loss:Swing low support, -61.8% fibonacci expansion and 100% fibonacci projection
