Orange Juice Futures—Orange juice futures in the September contract is currently trading lower by 140 points at 96.50 breaking a 2 day winning streak as this market still remains bearish in my opinion.
I have been recommending a bearish position in the September contract from around the 98.50 level if you took the trade continue to place the stop loss above the 2 week high standing at 102.20, however come tomorrow if we are still involved we will have to rollover into the November contract due to expiration as then the stop loss will change.
If you take a look at the daily chart the down trend line remains intact as I still believe prices will crack the 90 level as this is my only soft commodity recommendation at the current time.
Juice prices are trading under their 20 and 100 day moving average as the trend remains to the downside as the chart structure will improve in Monday’s trade therefor the monetary risk will be reduced significantly so stay short as the trend remains negative.
CHART STRUCTURE: EXCELLENT
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