Sugar Futures ( SB1!), H1 Potential for Bullish Bounce
Type: Bullish Bounce
Resistance: 19.25
Pivot: 18.91
Support: 18.53
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 18.91 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement towards our 1st resistance level of 19.25 which is in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 18.53 in line with a horizontal swing low support.
Fundamentals: No major news.
Resistance: 19.25
Pivot: 18.91
Support: 18.53
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 18.91 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement towards our 1st resistance level of 19.25 which is in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 18.53 in line with a horizontal swing low support.
Fundamentals: No major news.