Sugar Futures (SBK2022), H1 Potential Bearish Dip
Type: Bearish Dip
Resistance : 19.89
Pivot: 19.63
Support : 19.05
Preferred case: Price is approaching our pivot level of 19.63 in line with 78.6% Fibonacci retracement . We see the potential for a bearish dip towards our 1st support level of 19.05 in line with 50% Fibonacci retracement . Our bearish bias is further supported by the stochastic indicator where price is trading at the resistance level .
Alternative scenario: Otherwise, price could potentially rise to the 1st resistance level at 19.89 which is in line with 161.8% Fibonacci extension ..
Fundamentals: No major news.
Resistance : 19.89
Pivot: 19.63
Support : 19.05
Preferred case: Price is approaching our pivot level of 19.63 in line with 78.6% Fibonacci retracement . We see the potential for a bearish dip towards our 1st support level of 19.05 in line with 50% Fibonacci retracement . Our bearish bias is further supported by the stochastic indicator where price is trading at the resistance level .
Alternative scenario: Otherwise, price could potentially rise to the 1st resistance level at 19.89 which is in line with 161.8% 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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