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Have Orange Juice Prices Topped Out ?


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Orange Juice Futures---Orange juice futures in the September contract is down 25 points currently trading at 166.60 as this is an interesting daily chart in my opinion as prices have tried to bust through that 170 level on multiple occasions, but have been unable to be successful as that area is acting like cement.

The agricultural sector has completely fallen out of bed over the last several weeks as this is the strongest commodity at the present time, however I think it's days are numbered to the downside in my opinion as we have been trading in a tight range over the last 6 days between 165/170 as a breakout to the downside is looming in my opinion.

The weather in the state of Florida has improved tremendously coupled with the fact of very weak demand for orange juice at the current time as the fundamental picture is not that bullish as the Trump tariffs between the U.S and the EU is a very bearish fundamental indicator as they are a large importer of this commodity as that could be in jeopardy in the short-term.

Keep a close eye on this market as we could be involved in a short position relatively soon as prices are still trading above their 20 and 100 day moving average as the short-term trend is higher, but with the rest of the commodity sectors melting away on a daily basis I think eventually orange juice prices will succumb to that pressure to the downside.

TREND:---MIXED--HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---SOLID

If you are looking to contact Michael Seery (CTACOMMODITY 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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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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