Title: Sugar Futures (SBK2022), H4 Bearish Reversal!
Type : Bearish Reversal
Resistance : 19.40
Pivot: 18.99
Support : 18.34
Preferred case: Prices are on bearish momentum. Prices might potentially move from pivot level of 18.99 in line with 100% Fibonacci projection and 50% Fibonacci retracement towards the 1st support level at 18.34 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is further supported by stochastic indicator as it is trading near resistance level.
Alternative scenario: Price can potentially goes up to the 1st resistance level of 19.40 in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension.
Fundamentals: No major news
Type : Bearish Reversal
Resistance : 19.40
Pivot: 18.99
Support : 18.34
Preferred case: Prices are on bearish momentum. Prices might potentially move from pivot level of 18.99 in line with 100% Fibonacci projection and 50% Fibonacci retracement towards the 1st support level at 18.34 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is further supported by stochastic indicator as it is trading near resistance level.
Alternative scenario: Price can potentially goes up to the 1st resistance level of 19.40 in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension.
Fundamentals: No major news