Orange Juice Futures—Orange juice futures in the January contract is trading slightly higher for the 2nd consecutive session up another 40 points at 129.10 as prices have now hit a 4 month high as we enter the highly volatile winter season especially for the State of Florida which is the largest producer of orange juice in the United States.
I have been recommending a bullish position from around the 119 level and if you took that trade continue to place the stop loss under the 2 week low at 121.30, however in tomorrow’s trade that would be raised to 124.25 which will then be the proper exit strategy as the monetary risk will continue to decline which is always a terrific thing to see if you’re an investor.
Juice prices are trading above their 20 and 100 day moving average as this trend is getting stronger on a weekly basis as investors are finally putting a price premium into this market and if some type of weather disaster happens which has occurred on multiple occasions in the past as I see no reason to be short as I think we could go up to 150 level on a blink of an eye.
CHART STRUCTURE: IMPROVING
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