Orange Juice Sharply Higher

Source :Getty Images

Orange Juice Futures---Orange juice futures in the May contract is currently trading higher by 300 points or 2.63% at 114.00 as prices are right near a 4 week high. If you have been following my previous blogs you understand that I have been recommending a bullish position from the 110 level and if you took that trade continue to place the stop at 99 as an exit strategy as I believe a long term bottom has taken place.

At the present time I have bullish recommendations in coffee and cotton as I think the soft commodities continue to climb higher throughout 2021 as I see no reason to be short at this time.

The next major level of resistance stands around the 120 level and if that is broken I think there could be significant room to run to the upside as the volatility still remains very low despite today's nearly 3% gain. Juice prices are now trading above their 20-day but still below their 100 day moving average which stands at the 117 level as that could possibly be touched in the coming days ahead as I think the entire soft commodity sector will continue to march higher on a weekly basis. 

TREND:HIGHER--MIXED 

CHART STRUCTURE: IMPROVING

VOLATILITY:LOW

 

 

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 

 

TWITTER---@seeryfutures 

 

 Email: mseery@seeryfutures.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.