On the H4, with price breaking out of a bullish channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are. Once we have downside confirmation of price breaking 1st support structure,we would expect bearish momentum to carry price to 2nd support at 20708.23 where the -61.8% fibonacci expansion, 161.8% fibonacci extension and swing low support are. Alternatively, price could rise to 1st resistance at 24703.69 where the pullback resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.
Trading Recommendation
Entry: 22560.82
Reason for Entry:Pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection
Take Profit: 20708.23
Reason for Take Profit: -61.8% fibonacci expansion, 161.8% fibonacci extension and swing low support
Stop Loss: 24703.69
Reason for Stop Loss:
Pullback resistance, 50% fibonacci retracement and 61.8% fibonacci projection
