Sugar Futures (SBK2022), H4 Bearish ContinuationType : Bearish Continuation
Resistance : 18.95
Pivot: 18.34
Support : 17.50
Preferred case: Price is near the pivot level of 18.34 in line with a 100% Fibonacci projection. We expect price to move towards 1st support level of 17.50 in line with a graphical swing low support. Our bearish bias is supported by price trading under Ichimoku cloud indicator.
Alternative scenario: Price may break our pivot structure and head for 1st resistance level at 17.50 in line with 38.2%.
Fundamentals: No major news.