Orange Juice Futures–-Orange juice futures in the May contract is trading slightly higher this Tuesday in New York up 25 points at 109.00 as I have been recommending a bullish position from around the 110 level as this trade has gone nowhere over the last week while also breaking major support at the 110 level.
If you took the original recommendation continue to place the stop loss on a closing basis only at the 99 area as I want to give this trade some room as this probably is the weakest commodity at the current time. If you have been following my previous blogs you understand that I have bullish recommendations in coffee and cotton while keeping a close eye on sugar as I believe that commodity has bottomed.
Juice prices are still trading below their 20 & 100 day moving average as the trend remains negative as the volatility certainly has come to a crawl as seasonably speaking this is a very quiet time for juice. This was a counter trend recommendation as I believe the commodity markets have sold off too much over the last couple of months as it is time to be a bottom picker.
CHART STRUCTURE: IMPROVING
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