Sugar Futures (SB1! ), H1 Potential for Bearish Dip
Type : Bearish Reversal
Resistance: 20.69
Pivot: 20.41
Support : 19.86
Preferred case: We see the potential for a bearish dip from our pivot at 20.41 in line with 138.2% Fibonacci extension towards our 1st support at 19.86 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by stochastic indicator where price is trading near resistance level.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 20.69 in line with 161.8% Fibonacci extension.
Fundamentals: No major news
Resistance: 20.69
Pivot: 20.41
Support : 19.86
Preferred case: We see the potential for a bearish dip from our pivot at 20.41 in line with 138.2% Fibonacci extension towards our 1st support at 19.86 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by stochastic indicator where price is trading near resistance level.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 20.69 in line with 161.8% Fibonacci extension.
Fundamentals: No major news
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