Orange Juice Lower 9th Day In A Row

Orange Juice Lower 9th Day In A Row
Orange Juice Lower 9th Day In A Row

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.

 

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: AVERAGE

 

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