Looking To Buy Orange Juice
Orange Juice Futures—Orange juice futures in the November contract settled last Friday in New York at 99.85 while currently trading at 99.70 as prices have gone sideways over the last several weeks.
In my opinion as it looks to me that orange juice prices are bottoming as we basically have gone sideways over the last 3 months as we head into the very volatile winter season for the State of Florida as a possible frost can devastate the orange juice crop, but it is too early at this point, but I’m looking to play this to the upside as I do believe the downside is very limited.
The chart structure is improving on a daily basis therefor the risk/reward will become more in your favor in next weeks trade as prices are right at their 20 day but still below their 100 day moving average standing at the 104 level.
At the current time there are no hurricanes that could devastate the orange crop at this time as prices historically speaking look cheap as I also have bullish recommendations in coffee and cotton out of the soft commodity sector so be patient as we could be involved in this commodity soon as I certainly expect volatility to increase substantially in the months ahead.
CHART STRUCTURE: IMPROVING
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
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