What Is Going On With Orange Juice
Michael Seery of Seery Futures - InsideFutures.com - Wed Mar 13, 5:38PM CDT

Orange Juice Futures---Orange juice futures in the May contract settled down 5 points at 123.45 selling off sharply from early session highs as prices traded as high as 127.85 hitting a 10 week high.

I have been talking about the orange juice market for quite some time as the breakout occurred above the 122.80 level, however prices ran up so quickly I was hesitant to get suckered in so I'm still sitting on the sidelines, but if tomorrow's trade heads back down to the 122 level look to be a buyer in my opinion.

If you are long a futures contract I would place the stop loss under the contract low which also is the multi-year low of 114.90 as an exit strategy as the chart structure was outstanding over for the last couple of trading sessions, but certainly looks to me that a bottom has been formed.

Juice prices are trading above their 20 day but slightly below their 100 day moving average which stands at the 129.20 level as the soft commodities are starting to look attractive once again as cotton looks to be breaking out possibly to the upside.




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