Potential for Bearish Continuation

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

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