Sugar No. 11 FuturesShort
Potential for Bearish Continuation
Title: SUGAR NO.11 (SB1!), H4 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 18.96
Pivot: 18.42
Support : 17.58
Preferred Case: On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 18.42 in line with the 78.6% fibonacci projection to the 1st support at 17.58 in line with the 78.6% fibonacci projection and horizontal swing low.
Alternative scenario: Alternatively, price may reverse off the pivot and rise to the 1st resistance at 18.96 at the swing high in line with the 23.6% fibonacci retracement.
Fundamentals: no major news
Type : Bearish Momentum
Resistance : 18.96
Pivot: 18.42
Support : 17.58
Preferred Case: On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will drop from the pivot at 18.42 in line with the 78.6% fibonacci projection to the 1st support at 17.58 in line with the 78.6% fibonacci projection and horizontal swing low.
Alternative scenario: Alternatively, price may reverse off the pivot and rise to the 1st resistance at 18.96 at the swing high in line with the 23.6% fibonacci retracement.
Fundamentals: no major news
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