Orange Juice Futures--- Orange juice futures in the January contract hit a 4 week low in today's trade down 435 points at 157.70 as this trend has turned bearish on warmer weather forecasts for the state of Florida as we enter the very volatile frost season which could spike prices up tremendously in a matter of weeks if a frost occurs therefore reducing yields.
Juice prices topped out on November 13th around the 170 level while now trading below its 20 day but still above is 100 day moving average which stands at the 149 level as this has been in a bullish trend until recently over the last 5 months possibly forming a rounding top in this commodity so look for a possible short position in the days ahead.
The chart structure at the current time is solid and in a couple of days it will also improve therefore lowering the monetary risk as ideal weather conditions in the country of Brazil which is the largest producer of oranges in the world which is also starting to put some pressure onto this market.
If you have read my previous blogs I have a bullish bias going into 2018 on many commodity sectors, however this market historically speaking is relatively high as there could be room to run to the downside especially if we produce an excellent crop in the United States this winter so look to play this to the downside while risking 2% of you account balance on any given trade.
CHART STRUCTURE: SOLID
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