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.