Orange Juice Continues Bearish Trend

Orange Juice Futures---Orange juice futures in the November contract settled last Friday in New York at 156.80 while currently trading at 153.60 down over 300 points for the trading week experiencing higher than normal volatility due to the situation with Hurricane Florence possibly hurting orange production in the state of Florida.

At the present time I have been recommending 2 bearish positions with an average price around the 157.50 level & if you took those trades continue to place the stop loss at 158.75 on a hard basis only which means not on a closing basis as I'm not willing to risk anymore.

In my opinion I do not think this hurricane is not going to have any impact on the state of Florida as it is hitting the Carolina's which does not grow oranges so stay short & continue to place the proper stop loss, but for the bearish momentum to continue we have to break the August 29th low of 152.25 which has acted like cement over the last several weeks.

If you take a look at the daily chart there is a price gap that was created on April 24th at the 147 level as I still think that gap will be filled in the coming days ahead as this is my only soft commodity recommendation at the present time as this market still is trading under its 20 and 100 day moving average telling you that the trend remains to the downside.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: INCREASING

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