Orange Juice Futures—Orange juice futures in the July contract is down 140 points at 93.55 reversing some of the gains that we witnessed in yesterday’s trade as this market still remains bearish in my opinion.
If you’re short a futures contract I would place the stop loss above the 2 week high which now stands at 104.30 as the chart structure will improve on a daily basis therefor lowering the monetary risk. Most of the soft commodities were higher in today’s trading session as we await the highly-anticipated agreement or non-agreement which will take place later tonight with China on trade as that certainly is going to send volatility into all sectors.
Juice prices are still trading below their 20 and 100 day moving average as the trend remains negative, but I still think there’s a chance prices could trade down to the 75 level as weak demand and high inventory levels so stay short & place a proper stop loss.
Seasonably speaking this time of year for orange juice generally heads lower as harvest pressure generally occurs coupled with the fact that there’s no chance for frost in the state of Florida.
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