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Sugar Futures (SBK2022), H4 Bullish Bounce

34595 sugar futures sbk2022 h4 bullish bounce

Type: Bullish BounceKey Levels:Resistance: 19.89Pivot: 18.86Support: 18.31Preferred Case:We see the potential for bullish bounce from our Pivot at 18.86 in line 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st resistance at 19.89 in line with 161.8% Fibonacci extension, along with a graphical swing high. Our bullish bias is further supported by prices trading above Ichimoku cloud indicator.Alternative Scenario: If prices were to dip further, they can potentially dip towards our 1st support at 18.31 which is in line with 61.8% Fibonacci retracement.Fundamentals:No major news.

Source: Tickmill

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