Orange Juice Futures–-Orange juice futures in the November contract is currently trading higher by 15 points at 116.10 in a relatively quiet Tuesday afternoon in New York as prices continually bounce off major support which stands around the 115 level.
At the current time I have no recommendation on this commodity as I’m keeping a close eye on a possible bullish position especially as hurricane season is upon us as that can wreak havoc on the orange trees in the State of Florida.
I think the downside is very limited as the chart structure is starting to improve on a daily basis as I will wait for a 4 week high before entering into a bullish position, but I do believe orange juice prices are experiencing a bottoming out pattern. At the current time prices are still trading below their 20 and 100 day moving average, but I do believe we’re squeezing blood out of a turnip so look to play this to the upside as the risk / reward will be in your favor soon.
CHART STRUCTURE: IMPROVING
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