On the H4, with price moving within a bullish channel as well as above the ichimoku indicator and RSI moving along an ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 24703.69 where the swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection are. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 26779.85 where the 61.8% fibonacci retracement, -61.8% fibonacci expansion, 161.8% fibonacci extension and 100% fibonacci projection are. Alternatively, price could drop to 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection are.
Trading Recommendation
Entry: 24703.69
Reason for Entry:Swing high resistance, 50% fibonacci retracement and 61.8% fibonacci projection
Take Profit: 26779.85
Reason for Take Profit: 61.8% fibonacci retracement, -61.8% fibonacci expansion, 161.8% fibonacci extension and 100% fibonacci projection
Stop Loss: 22560.82
Reason for Stop Loss:
Pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection