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Sugar Futures (SBK2022), H1 Potential Bearish Reversal

35766 sugar futures sbk2022 h1 potential bearish reversal

Type: Bearish ReversalKey Levels:Resistance: 19.89Pivot: 19.57Support: 19.09Preferred Case:Price is approaching our pivot level of 19.57 in line with 138.2% Fibonacci extension and 78.6% Fibonacci retracement. We see the potential for a bearish reversal towards our 1st support level of 19.09 in line with 38.2% 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 go to the 1st resistance level at 19.89 which is in line with 161.8% Fibonacci extension and 61.8% Fibonacci projection.Fundamentals:No major news.

Source: Tickmill

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