Potential Bullish Continuation

Jul 20, 2022

On the H4, with price recently breaking the descending trend channel, we have a bullish bias that price will rise from the pivot at 3945.00 at the pullback swing high in line with the 78.6% fibonacci projection and 50% fibonacci retracement to the 1st resistance at 4083.25 at the pullback swing low in line with the 78.6% fibonacci retracement . Alternatively, price may break the support structure at the pivot and drop to the 1st support at 3905.25 at the overlap support.