On the H4,with price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop to our 1st support at 2451 in line with the horizontal swing low support from our 1st resistance at 2774 in line with the horizontal swing high resistance and 50% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 2835 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement.
Trading Recommendation
Entry: 2774
Reason for Entry:
Horizontal swing high resistance and 50% Fibonacci retracement
Take Profit: 2451
Reason for Take Profit: Horizontal swing low support
Stop Loss: 2835
Reason for Stop Loss: Horizontal overlap resistance and 61.8% Fibonacci retracement