Sugar 11 | 22-10 technical analysis

Sugar 11 enter consolidate phase (Yellow Box) for the past 5 trading days after the huge drop out from previous consolidate phase. The price is also dropping out from upward trend line, and now the upward trend line are acting as resistance. It testing the upside of the box which is also upward trend line for several times.

The consolidation phase is expected to come to an end when the Upward trend line is violated. Immediate resistance at 20.85, following by 21.24 Fibonacci retracement.
Bearish movement may continue if the price fail to close above the yellow box and upward trendline.
Support can be found at 19.67 which is previous low and next support at 19.48, 0% of fibonacci retracement.

As for short term 60 min technical analysis, it is in line with daily chart where the price just breaking out from downward trend line last week and it hit and rejected by 20.47 fibonacci retracement. We notice that the price are trade outside of yellow consolidation box and it may indicate bullish sign if the price didn't close back into the yellow box. The upward can be affirmed if the recent high of 20.47 is broke.

1st resistance at 20.47 following by 20.72 or daily resistance at 20.85.
Support can be found at 19.67 and next support at 19.48, 0% of fibonacci retracement.