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Sugar Futures (SBK2022), H4 Potential for Bearish Reversal

34475 sugar futures sbk2022 h4 potential for bearish reversal

Type: Bearish ReversalKey Levels:Resistance: 20.15Pivot: 19.78Support: 19.01Preferred Case:We see the potential for bearish reversal from our Pivot at 18.78 in line 161.8% Fibonacci extension towards our 1st resistance at 20.15 with a graphical swing high. Our bullish bias is further supported by stochastic indicator whereby prices are at resistance level.Alternative Scenario: If prices were to dip further, they can potentially dip towards our 1st support at 19.01 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.Fundamentals:No major news.

Source: Tickmill

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