Genesiv

Sugar No. 11 Futures ( SB1! ), H4 Potential for Bearish Drop

Long
ICEUS:SB1!   Sugar No. 11 Futures
Title: Sugar No. 11 Futures ( SB1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 21.18
Pivot: 18.94
Support: 19.30

Preferred case: Looking at the H4 chart, my overall bias for SB1! is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to continue heading towards the support at 19.30, slightly below where the 23.6% Fibonacci line is.


Alternative scenario: Price may head back up towards the resistance at 21.18, where the 5previous swing high is.

Fundamentals: There are no major news.

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