Sugar Futures (SB1! ), H1 Potential For Bearish Dip


Type: Bearish ReversalKey Levels:Resistance: 20.69Pivot: 20.41Support: 19.86Preferred 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

Source: Tickmill

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