Orange Juice Futures—Orange juice futures in the July contract is trading higher for the 3rd consecutive session up another 50 points at 116.80 as prices have now hit a 2 month high.
I have been recommending a bullish position for quite some time in this commodity from around the 110 level and if you took that trade continue to place the stop loss at 99.00 as an exit strategy, however I will not raise that stop loss so you will have to accept the monetary risk at this time. Juice prices are now trading above their 20 and 100 day moving average telling you that the trend has now turned to the upside as this was a counter trend recommendation as I still think the downside is very limited.
At the current time I have bullish recommendations in sugar, coffee, and cocoa as I was stopped out of cotton last week as I still believe the commodity markets head higher throughout 2021. I will be looking at adding more contracts to the upside once the risk/reward becomes more in your favor which could possibly happen in next week’s trade so stay long.
CHART STRUCTURE: SOLID
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
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