Orange Juice Futures–-Orange juice in the July contract settled sharply lower finishing down 425 points at 105.55 hitting a 7 year low and in my opinion looks to break the 100 level in the coming days ahead.
Juice prices are trading far below their 20 and 100 day moving average as the trend is bearish as fundamentally & technically speaking I see no reason to own orange juice as weak demand and large supplies should continue to weigh on prices. If the 100 level is broken prices could drop down to the 90 area as the trend is strong to the downside and if you are short a futures contract stay short in my opinion.
The soft commodities at the present time remain bearish as the agricultural markets across the board are having a very difficult time rallying due to the fact that there is no agreement between the United States and China on trade.
If you are short a futures contract I would place the stop loss at the 2 week high standing at 114.35 as an exit strategy, however the chart structure will improve later this week therefor the monetary risk will also be reduced.
CHART STRUCTURE: SOLID
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