When Is Orange Juice A Buy?
Orange Juice Futures-- Orange juice futures this week traded as high as 148.00 on Monday morning only to continue a tremendous bear market down to 130.30 finishing lower by 250 points once again this afternoon in New York creating a fresh two year low with the next support all the way down the 120 – to 125 which could happen in the next couple of days. The weekly ranges in orange juice futures have been very wide but it's always to the downside and has been pretty simple if you have been short this market because the down days are very powerful and the up days have been small gains and that is a sign of a giant bear market. Remember 2009 in February prices backed down to the 70.00 which was the low at the time and I don't believe we will head that low but at this time prices are in such a slide that it is very difficult to become bullish at these levels. An old expression in the commodity markets is you never want to catch a falling knife basically it states that picking a bottom is very dangerous especially when the commodity is in a free fall in prices such as orange juices with no chart structure at all.