Orange Juice Futures—Orange juice is trading sharply lower this Tuesday in New York down another 500 points at 97.20 and now has traded lower 7 out of the last 8 sessions.I have written about orange juice for quite some time and I thought prices would crack the 100 level and then test 90 as I see no reason to be a buyer of this commodity at this time as the trend is strong while the technical and fundamental picture remain negative.
Juice prices are trading under their 20 and 100 moving average as the trend clearly is to the downside, however we are now experiencing oversold conditions as it would not surprise me if some type of price kickback could occur, but I still believe lower prices are ahead.
If you’re short a futures contract I would place the stop loss at the 2 week high standing at 112.00 as an exit strategy as I still think there’s more room to run to the downside as the soft commodities sector remains bearish.
Ideal weather conditions in the state of Florida continues to accelerate harvest coupled with the fack of burgeoning supplies that we haven’t seen in several years so stay short .
CHART STRUCTURE: POOR
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