Orange Juice Futures—Orange juice futures in the July contract is trading higher by 45 points at 104.90 in a very quiet trade this Thursday afternoon in New York as the trend still remains bearish despite today’s slight gains.
Orange juice prices are trading at a 7 year low as I’ve written about previous blog I think we will crack the 100 level in the coming days ahead as fundamentally a technically speaking this market remains on the defensive.
If you are short a futures contract I would place the stop loss above the 10 day high standing at 113.05, however the chart structure will improve in next week’s trade therefore the monetary risk will also be reduced. Juice inventories are at the highest levels we’ve seen in several years coupled with the fact that harvest is in full swing in the State of Florida as we should produce another outstanding crop & if you are short a futures contract I would recommend staying short as I don’t think a bottom has been formed just yet.
The soft commodities look weak across the board as anything grown in Brazil continues to remain weak as the U.S dollar continues to gain on the Brazilian Real as that is also hurting juice prices at the present time as I see no reason to be a buyer.
CHART STRUCTURE: IMPROVING
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: 5da1f85979b7117b
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
Click on Members Login—-Username—coffeeshop
Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325
Click on my live chat so we can talk as well
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.