Sugar Futures (SBK2022), H4 Bullish Bounce
Type : Bullish Bounce
Resistance : 19.88
Pivot: 19. 01
Support : 18.56
Preferred case: Price is near the pivot level of 19. 01 in line with 38.2% Fibonacci retracement and overlap support. We expect price to move towards 1st resistance level of 19.88 in line with 61.8% Fibonacci projection , along with a swing high resistance. Our bullish bias is supported by price trading above the Ichimoku cloud indicator.
Alternative scenario: Price may break our pivot structure and head for 1st support at 18.56 in line with 61.8% Fibonacci projection .
Fundamentals: No Major News.
Resistance : 19.88
Pivot: 19. 01
Support : 18.56
Preferred case: Price is near the pivot level of 19. 01 in line with 38.2% Fibonacci retracement and overlap support. We expect price to move towards 1st resistance level of 19.88 in line with 61.8% Fibonacci projection , along with a swing high resistance. Our bullish bias is supported by price trading above the Ichimoku cloud indicator.
Alternative scenario: Price may break our pivot structure and head for 1st support at 18.56 in line with 61.8% Fibonacci projection .
Fundamentals: No Major News.
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