Orange Juice Futures—Orange juice futures in the May contract is trading lower for the 9th consecutive session down another 70 points at 106.45 as prices have absolutely collapsed over the last several weeks.
Ideal weather conditions in the state of Florida coupled with the fact that we have the largest carry over level that we’ve seen in years as fundamentally and technically speaking this market remains negative.
At the present time my only soft commodity recommendation is a bullish cotton trade, but it does look to me that prices will retest September 28th 2015 low of 103.45 and if that is breached we could possibly break 100 in the coming days ahead.
Orange juice prices are trading far below their 20 and 100 day moving average as the frost season is now behind us as I see no reason to be bullish juice.
At the current time juice prices are experiencing oversold territory, but it looks to me that any kickback will probably be another selling opportunity and if you are short my recommendation would be to stay short and continue to place a trailing stop loss.
CHART STRUCTURE: POOR
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.