Orange Juice Futures--- Orange juice futures in the March contract settled last Friday in New York at 169.90 while currently trading at 175.00 up about 500 points for the trading week as I have been sitting on the sidelines in this market as prices may be in the midst of bottoming.
Prices bottomed out around the 160 level about 3 weeks ago as prices are now at a 2 week high looking a breakout above the 4 week high around 179 as I will be looking at a bullish position, however the chart structure needs to improve as that will take another 4/5 days as the monetary risk is too high to enter at this point.
Juice prices are now trading above its 20 day moving average for the 1st time in months, but still below their 100 day as this market has been in a bearish trend over the last 3 months. Orange juice is now exiting their extremely volatile winter season as a frost can occur in the state of Florida sending prices sharply higher very quickly, however spring is around the bend as now this market needs demand to start pushing prices higher as trading is all about risk and the risk/reward will be in your favor soon.TREND: MIXED--HIGHER –-CHART STRUCTURE: IMPROVING
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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