Sugar Futures ( SB1! ), H4 Potential for Bullish Continuation
Title: Sugar No. 11 Futures ( SB1! ), H4 Potential for Bullish Continuation
Type: Bullish Continuation
Resistance: 21.18
Pivot: 18.94
Support: 20.04
Preferred case: Looking at the H4 chart, my overall bias for SB1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 21.18, where the previous swing high is.
Alternative scenario: Price may head back down towards the overlap support at 20.04, slightly below where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Continuation
Resistance: 21.18
Pivot: 18.94
Support: 20.04
Preferred case: Looking at the H4 chart, my overall bias for SB1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 21.18, where the previous swing high is.
Alternative scenario: Price may head back down towards the overlap support at 20.04, slightly below where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results