I Remain Bearish Orange Juice

Orange Juice Futures---Orange juice futures in the January contract settled last Friday in New York at 138.15 while currently trading at 136.15 down 200 points for the trading week continuing its bearish momentum while experiencing extremely low volatility.

At the present time this is my only bearish recommendation out of the soft commodities as I have bullish trades in cotton and cocoa as I have been recommending 3 bearish trades in orange juice over the last several months and if you took those trades continue to place the stop loss at 139.80 on a hard basis only as the chart structure will not improve for another 5 trading sessions.

Juice prices are trading under their 20 and 100 day moving average as clearly this trend is one of the strongest to the downside out of all the commodity sectors as the downtrend line remains remarkably intact over the last several months as I will be recommending selling another contract if prices close below 135.50 as I still think we can trade at the 120 level in the coming weeks ahead.

Fundamentally speaking weather conditions in the state of Florida are ideal as harvest is underway as production numbers are high as carryover levels are at their highest level in years so continue to play this to the downside.

TREND: ---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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