Sugar Futures (SBK2022), H4 Bearish Reversal!
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
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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